Here’s how Canada’s countertariffs could hit your wallet
Canada is implementing retaliatory tariffs on U.S. goods in response to American trade measures, which analysts expect will cause modest price increases for Canadian consumers. While the overall impact on inflation is projected to be low, specific household goods may see faster price hikes.
Why it matters
Trade wars directly impact the cost of living and supply chain stability for everyday consumers and businesses.
Shoppers outside Eaton Centre in Toronto in June, 2024. Sammy Kogan/The Globe and Mail
The latest escalation in the trade war between Canada and the U.S. will raise consumer prices only modestly for Canadians, but those increases will come on top of already high living costs and amid growing economic uncertainty, analysts say.
The price pressures north of the border will come from Canada’s retaliatory tariffs , which will raise the cost of a wide range of goods imported from the U.S. Ottawa’s countertariffs, which range from 15 per cent to 50 per cent, target $27.6 billion of U.S. imports and are scheduled to come into effect on Sept. 8. They are in response to U.S. tariffs on an equal amount of Canadian goods that came into force Aug. 22.
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