{"id":56936,"date":"2025-03-04T13:05:46","date_gmt":"2025-03-04T13:05:46","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2025\/03\/04\/canada-has-firepower-to-fight-tariff-war-but-theres-a-catch\/"},"modified":"2025-03-04T13:05:46","modified_gmt":"2025-03-04T13:05:46","slug":"canada-has-firepower-to-fight-tariff-war-but-theres-a-catch","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2025\/03\/04\/canada-has-firepower-to-fight-tariff-war-but-theres-a-catch\/","title":{"rendered":"Canada has firepower to fight tariff war \u2014 but there&#8217;s a catch"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">News<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">Upheaval in Ottawa limits how much federal government can do, says Desjardins<\/p>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Mar 04, 2025<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 1\u00a0hour ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">4 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"c6288362-bb58-4dfa-96c9-dae3d97590d7\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/canada-parliament-03030-ph.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=webp&amp;sig=gHzZEFc6HzT6RFMRhzTEEA,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/canada-parliament-03030-ph.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=webp&amp;sig=u68X1fg2kIH0DEA4PI0nMw 2x\" type=\"image\/webp\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/canada-parliament-03030-ph.jpg?quality=90&amp;strip=all&amp;w=564&amp;h=423&amp;type=jpg&amp;sig=VqBl_PN6cyJ60NMwYnO5xQ,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/canada-parliament-03030-ph.jpg?quality=90&amp;strip=all&amp;w=1128&amp;h=846&amp;type=jpg&amp;sig=blid8UjHZhsAYMNA62dETQ 2x\" type=\"image\/jpeg\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/canada-parliament-03030-ph.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=webp&amp;sig=uMfEEQPNChutvVFkiKjPzA,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/canada-parliament-03030-ph.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=webp&amp;sig=ZHwZQlhM6oDJvEFxHo7g3Q 2x\" type=\"image\/webp\"><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/canada-parliament-03030-ph.jpg?quality=90&amp;strip=all&amp;w=472&amp;h=354&amp;type=jpg&amp;sig=GmQ7AVW7ZgmtNBfgI1KDGw,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/canada-parliament-03030-ph.jpg?quality=90&amp;strip=all&amp;w=944&amp;h=708&amp;type=jpg&amp;sig=J-KQQlmIu0qkbyWjwtzmMA 2x\" type=\"image\/jpeg\"><source media=\"(max-width: 767px)\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/canada-parliament-03030-ph.jpg?quality=90&amp;strip=all&amp;w=288&amp;h=216&amp;type=webp&amp;sig=-kAlagDJmWyVS63rMqAdTA,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/canada-parliament-03030-ph.jpg?quality=90&amp;strip=all&amp;w=576&amp;h=432&amp;type=webp&amp;sig=PGtS3Bdoen6ESBcmQvG3lQ 2x\" type=\"image\/webp\"><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Some said Canada would need a pandemic-sized relief package to support struggling businesses and citizens who may lose their jobs because of the tariffs.<\/span> <span class=\"credit\">Photo by Justin Tang\/The Canadian Press<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/01\/fp-posthaste-LOGO-01132023.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=webp&amp;sig=6lLqOxMPWrqdT6faIWDm6w,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/01\/fp-posthaste-LOGO-01132023.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=webp&amp;sig=n-qKTtcvVFBRTZzMHFb2pA 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/01\/fp-posthaste-LOGO-01132023.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=jpg&amp;sig=BKFnr_P1Bw7Q4XWG_Up3GQ,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/01\/fp-posthaste-LOGO-01132023.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg&amp;sig=GTjg1JD8glfowCEvrg7zTg 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/01\/fp-posthaste-LOGO-01132023.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=webp&amp;sig=9kNx8K5TtrrlWGwYyxucxQ,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/01\/fp-posthaste-LOGO-01132023.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=webp&amp;sig=tHeomvOxi6gManmKhWorsQ 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/01\/fp-posthaste-LOGO-01132023.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=jpg&amp;sig=nL0azXVy5fYIkpc6I50wAw,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/01\/fp-posthaste-LOGO-01132023.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=jpg&amp;sig=tktJVw7wfmOs0qSsEBIa5w 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/01\/fp-posthaste-LOGO-01132023.jpg?quality=90&amp;strip=all&amp;w=288&amp;type=webp&amp;sig=YxfTvFOWkhsACWs7r_8MkA,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/01\/fp-posthaste-LOGO-01132023.jpg?quality=90&amp;strip=all&amp;w=576&amp;type=webp&amp;sig=TcF-YBUk1AWMm-zyN3Pu_g 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/01\/fp-posthaste-LOGO-01132023.jpg?quality=90&amp;strip=all&amp;w=288&amp;sig=hKuq-wskY5lKlkFQgM-QTg\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/01\/fp-posthaste-LOGO-01132023.jpg?quality=90&amp;strip=all&amp;w=288&amp;sig=hKuq-wskY5lKlkFQgM-QTg,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/01\/fp-posthaste-LOGO-01132023.jpg?quality=90&amp;strip=all&amp;w=576&amp;sig=tP-X7ZqT8GHw4xLHdd3KpA 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/01\/fp-posthaste-LOGO-01132023.jpg?quality=5&amp;strip=all&amp;w=100&amp;sig=EcCPhKPRlZdph65uTZxLMA\" alt=\"\" height=\"320\" loading=\"lazy\" width=\"760\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><\/figure>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">It looks like the trade war Canada has been fearing for weeks has arrived.<\/p>\n<p data-async=\"\">U.S. President Donald Trump confirmed yesterday that his administration will go ahead with tariffs against Canada and Mexico at a minute past midnight last night.<\/p>\n<p data-async=\"\">Monday night Prime Justin Trudeau responded, promising a first wave of retaliatory tariffs on $30 billion worth of U.S. goods if the U.S. didn\u2019t back down. A second round on another $125 billion worth of products will follow in three weeks.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment4802169378325035857766554986872832\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<div class=\"article-block article-block-bg article-content__sign-in-group hidden\" 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articles per month<\/li>\n<li>Get email updates from your favourite authors<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"identity-screen m-x-0 p-x-0 col-xs-12 col-md-6 flex-justify-center flex-align-center\" aria-live=\"assertive\">\n<section class=\"sail\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine=\"\" data-sailthru-personalization-engine-component=\"\"\/>\n<div class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>This morning it appeared that neither side had budged.<\/p>\n<p>\u201cOur tariffs will remain in place until the U.S. trade action is withdrawn, and should U.S. tariffs not cease, we are in active and ongoing discussions with provinces and territories to pursue several non-tariff measures,\u201d Trudeau said Monday night.<\/p>\n<p>\u201cWhile we urge the U.S. administration to reconsider their tariffs, Canada remains firm in standing up for our economy, our jobs, our workers, and for a fair deal.\u201d<\/p>\n<p data-async=\"\">The predictions that preceded this outcome were dire. Economists forecast that if the worst happened and Canada faced 25-per-cent tariffs on goods, and 10 per cent on energy, the country would be thrown into recession.<\/p>\n<p>Some said Canada would need a pandemic-sized relief package to support struggling businesses and citizens who may lose their jobs because of the tariffs.<\/p>\n<p>But just how much can Canada afford?<\/p>\n<p>Desjardins Group economists reckon the federal government could pitch in $100 billion for one-time aid this year and still keep the federal debt-to-GDP ratio below its pandemic peak.<\/p>\n<p>Turns out our finances aren\u2019t as bad as many thought, according to the economists.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot26 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-execsummary background--primary-light-gradient\" aria-labelledby=\"FinancialPostPosthaste1780482400736718086716846128496640\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_ExecSummary\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" alt=\"Posthaste\" loading=\"lazy\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/18.1.3\/websites\/images\/newsletters\/icon-fp-posthaste.svg\"\/><\/div>\n<div>\n<p>Posthaste<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_ExecSummary\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Posthaste will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_ExecSummary\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment3100920645917163087828570389610496\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>The federal government has a much lower level of debt as a share of GDP than the United States and many other advanced economies, said Randall Bartlett, deputy chief economist of Desjardins.<\/p>\n<p>There is also the chance that the economy will not need as much support as during COVID-19. Desjardins is predicting a much shallower recession from the trade war, rather than the hard, sharp plunge of the pandemic.<\/p>\n<p>\u201cIndeed, the depth of the recession in the next few quarters could look more like that during the GFC (Great Financial Crisis),\u201d said Bartlett.<\/p>\n<p data-async=\"\">Overdoing stimulus would only fuel inflation already inflamed by tariffs, so targeted, time-limited support would deliver \u2018more bang for the buck,\u201d he said.<\/p>\n<p>The catch is that with Parliament prorogued until March 24, the Liberal leadership still up in the air and a federal election on the horizon, Ottawa is limited in how much it can do.<\/p>\n<p>\u201cOutside of existing programs that can be funded when the House of Commons isn\u2019t sitting and other modest measures, it seems as though there isn\u2019t much new stimulus the federal government can provide in the event of a full-blown trade war,\u201d said Bartlett.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment6398505185957320800495536575610880\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>\u201cInstead, provincial governments may need to step into that void, leading to larger deficits and higher debt among sub-sovereigns than would otherwise be the case.\u201d<\/p>\n<p data-async=\"\"><strong><em>For the latest news on the tariff war, go here for live updates<\/em><\/strong><\/p>\n<hr\/>\n<p data-async=\"\"><em><strong>\u00a0Sign up here to get Posthaste delivered straight to your inbox.<\/strong><\/em><\/p>\n<hr\/>\n<p><strong><br \/><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1758646\" alt=\"\" height=\"114\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2019\/02\/subhead_leading.png\" width=\"838\"\/><\/strong><\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/calgary-home-sales-0303.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=webp&amp;sig=oyAnnAjCwUPWFKRZQ5HxAg,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/calgary-home-sales-0303.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=webp&amp;sig=2ItflwLmjsOo5LxtBp1K_Q 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/calgary-home-sales-0303.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=jpg&amp;sig=jBZ367dJ2BWd2o-sShDTFQ,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/calgary-home-sales-0303.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg&amp;sig=Jkf_EKFFu8u7DdjZi-DLhg 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/calgary-home-sales-0303.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=webp&amp;sig=hhZ_-AkjhPqkrSybCBGZsA,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/calgary-home-sales-0303.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=webp&amp;sig=rxL53WH_A1h0bjAto52Jcw 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/calgary-home-sales-0303.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=jpg&amp;sig=8zSdazcf0r5_2YD9M23ekw,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/calgary-home-sales-0303.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=jpg&amp;sig=IjsOJYkTe3mwccOnkoe4NQ 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/calgary-home-sales-0303.jpg?quality=90&amp;strip=all&amp;w=288&amp;type=webp&amp;sig=Md5oZ41WJJBEJj2bPdnC4w,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/calgary-home-sales-0303.jpg?quality=90&amp;strip=all&amp;w=576&amp;type=webp&amp;sig=ORUM4yFFKbpsEzRCWWTyIQ 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"calgary home sales\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/calgary-home-sales-0303.jpg?quality=90&amp;strip=all&amp;w=288&amp;sig=otszk1_EwuH2a6adbNnmrw\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/calgary-home-sales-0303.jpg?quality=90&amp;strip=all&amp;w=288&amp;sig=otszk1_EwuH2a6adbNnmrw,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/calgary-home-sales-0303.jpg?quality=90&amp;strip=all&amp;w=576&amp;sig=Mz6M-k8o5vg333XaQXQQZQ 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/calgary-home-sales-0303.jpg?quality=5&amp;strip=all&amp;w=100&amp;sig=cBBCxGXP81qwt65iwgXwaQ\" height=\"696\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"image-caption\"><span class=\"caption\"> National Bank of Canada<\/span><\/figcaption><\/figure>\n<p>Calgary home sales hit their lowest level since early 2023 in February, suggesting that Trump\u2019s tariff threats have hit home in Alberta.<\/p>\n<p>\u201cThere is no doubt that, as elsewhere in the country, the threat of American tariffs has weighed on the housing market in Calgary, with potential buyers waiting for less uncertainty before acting,\u201d said Daren King, an economist with National Bank of Canada.<\/p>\n<p>Home sales fell more than 18 per cent from the year before, the third decline in a row, while the inventory of homes for sale jumped 60 per cent to the highest level for a February since 2021.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1758643\" alt=\"\" height=\"114\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2019\/02\/subhead_breaking.png\" width=\"838\"\/><\/p>\n<ul>\n<li>Prime Minister Justin Trudeau to hold a press conference in Ottawa on Donald Trump\u2019s tariffs this morning with Finance Minister Dominic LeBlanc, Foreign Affairs Minister Melanie Joly and Public Safety Minister David McGuinty.<\/li>\n<li><strong>Earnings:<\/strong> Best Buy Co Inc., Pet Valu Holdings Ltd, Advantage Energy Ltd, Target Corp.<\/li>\n<\/ul>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment3079044255511243788989674427514880\" class=\"ad\">\n<p>Advertisement 5<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-3080180\" alt=\"\" height=\"114\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/07\/subhead_marketsam.jpeg\" width=\"838\"\/><\/strong><\/p>\n<figure class=\"embedded-image\"\/>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/chart-0304-ph.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=webp&amp;sig=P4aKlWmLx0A732ZFtJFlNg,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/chart-0304-ph.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=webp&amp;sig=U-NlwX3GSzvfOmc6YCZa3w 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/chart-0304-ph.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=jpg&amp;sig=deUx9yfRFE590Qffisf0vw,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/chart-0304-ph.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg&amp;sig=4e0l27_i3H-1OEP2hVgi1w 2x\" media=\"(min-width: 1200px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/chart-0304-ph.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=webp&amp;sig=kXYlG1uuSWZrjb8vLp5J3w,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/chart-0304-ph.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=webp&amp;sig=GLWWpMwsKLbm9P7EFKQ7yw 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/webp\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/chart-0304-ph.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=jpg&amp;sig=VBJjKmBvfT_MYEhLfbScsQ,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/chart-0304-ph.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=jpg&amp;sig=wmRvC7TrM5fVV93BCVGy2g 2x\" media=\"(min-width: 768px)\" srcset=\"data:,1w\" type=\"image\/jpeg\"><source data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/chart-0304-ph.jpg?quality=90&amp;strip=all&amp;w=288&amp;type=webp&amp;sig=jX7HtUsmleSU0Kb0Ob1TMw,&#10;            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/chart-0304-ph.jpg?quality=90&amp;strip=all&amp;w=576&amp;type=webp&amp;sig=V3axjjeQzuqFvPakz3g5ww 2x\" media=\"(max-width: 767px)\" srcset=\"data:,1w\" type=\"image\/webp\"><img decoding=\"async\" alt=\"market chart\" class=\"embedded-image__image lazyload\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/chart-0304-ph.jpg?quality=90&amp;strip=all&amp;w=288&amp;sig=wwJomWWWOfXpklWYQhQZPQ\" data-srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/chart-0304-ph.jpg?quality=90&amp;strip=all&amp;w=288&amp;sig=wwJomWWWOfXpklWYQhQZPQ,&#10;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/chart-0304-ph.jpg?quality=90&amp;strip=all&amp;w=576&amp;sig=R7rOB4cg8Sl8tpEkwe7gNw 2x\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/chart-0304-ph.jpg?quality=5&amp;strip=all&amp;w=100&amp;sig=ppQE-dUKAcOf7gkJy26-Vw\" height=\"413\" loading=\"lazy\" width=\"1000\"\/><\/source><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"image-caption\"><span class=\"caption\"> Financial Post<\/span><\/figcaption><\/figure>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-3080181\" alt=\"\" height=\"114\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/07\/subhead_reads.jpeg\" width=\"838\"\/><\/strong><\/p>\n<hr\/>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-2059284\" alt=\"\" height=\"86\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2020\/04\/subhead_personal_finance_2.png\" width=\"629\"\/><\/p>\n<p>Investors can find unpredictable turns in stock markets hard to handle but their resolve will especially be tested this year due to U.S. President Donald Trump\u2019s actions. Economists expect market volatility surges driven by a combination of policy changes, trade disruptions and economic and currency shocks from his administration. Turmoil can also bring opportunity too.<\/p>\n<p data-async=\"\">Julie Cazzin has some sage advice from investing experts on how to ride out the storm. Read more here<\/p>\n<hr\/>\n<p data-async=\"\">Calling Canadian families with younger kids or teens: Whether it\u2019s budgeting, spending, investing, paying off debt, or just paying the bills, does your family have any financial resolutions for the coming year? Let us know at wealth@postmedia.com.<\/p>\n<hr\/>\n<h2>McLister on mortgages<\/h2>\n<p data-async=\"\">Want to learn more about mortgages? Mortgage strategist Robert McLister\u2019s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won\u2019t want to miss. Plus check his mortgage rate page for Canada\u2019s lowest national mortgage rates, updated daily.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_6\">\n<section aria-describedby=\"advertisment8224029887148860576511939062005760\" class=\"ad\">\n<p>Advertisement 6<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-6\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<hr\/>\n<h2>Financial Post on YouTube<\/h2>\n<p data-async=\"\">Visit the Financial Post\u2019s YouTube channel for interviews with Canada\u2019s leading experts in business, economics, housing, the energy sector and more.<\/p>\n<hr\/>\n<p data-async=\"\"><em>Today\u2019s Posthaste was written by Pamela Heaven, with additional reporting from Financial Post staff, The Canadian Press and Bloomberg.<\/em><\/p>\n<p data-async=\"\">Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at\u00a0posthaste@postmedia.com.<\/p>\n<hr\/>\n<section aria-labelledby=\"moreTopicLabel381762615588578934006657023213568\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" fear=\"\" a=\"\" deeper=\"\" threat=\"\" in=\"\" tariff=\"\" war=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Canadians are reacting against Donald Trump's suggestions that Canada should become the 51st state.&#10;\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/flags-0303.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=-_oAq7rz-kNJxjmD9ANMpA\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/flags-0303.jpg?h=96&amp;strip=all&amp;quality=5&amp;sig=A6_RK7LmkdbA5PYjLBow0A\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/flags-0303.jpg?h=96&amp;strip=all&amp;quality=80&amp;sig=-_oAq7rz-kNJxjmD9ANMpA, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/flags-0303.jpg?h=192&amp;strip=all&amp;quality=80&amp;sig=NoIabrUK96tiICopDPrDIQ 2x,&#10; 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                                            https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/canadian-flag-0227.jpg?h=288&amp;strip=all&amp;quality=80&amp;sig=aSgFBqnaEc9PHGG6MPGZ8g 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Trump&#8217;s tariff threats could hasten Canada&#8217;s productivity decline<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add\u00a0financialpost.com\u00a0to your bookmarks and sign up for our newsletters here<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Canada has firepower to fight tariff war \u2014 but there&#8217;s a catch<\/a><br \/>\n<br \/>2025-03-04 13:05:46<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Upheaval in Ottawa limits how much federal government can do, says Desjardins Published Mar 04, 2025 \u00a0\u2022\u00a0 Last updated 1\u00a0hour ago \u00a0\u2022\u00a0 4 minute read You&#8230;<\/p>\n","protected":false},"author":2,"featured_media":56937,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-56936","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/56936","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=56936"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/56936\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/56937"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=56936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=56936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=56936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}