Trump's tariff plan would shave almost a half-point off Canada's economy: CBC
THE CANADIAN PRESS/AP-Alex Brandon
Former President Donald Trump speaks with reporters before departure from Hartsfield-Jackson Atlanta International Airport, Thursday, Aug. 24, 2023, in Atlanta.
Republican Presidential Candidate Donald Trump’s plan to impose a minimum tariff of 10 per cent on global imports would reduce Canada’s GDP by 0.4 per cent immediately, the CBC’s Alexander Panetta reported, citing a report this week by The Peterson Institute for International Economics. The effects of Trump’s tariffs would last for years, and employment would fall nearly 0.75 per cent, with a loss of up to USD$60 billion over the first three years, the CBC report said, adding the Peterson paper argues a mitigating factor could be that Trump's other policies would damage the U.S. and send investment elsewhere, including to Canada.