{"id":56989,"date":"2025-03-05T14:33:56","date_gmt":"2025-03-05T14:33:56","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2025\/03\/05\/how-the-tariff-war-will-hit-canadian-consumers-pocketbooks\/"},"modified":"2025-03-05T14:33:56","modified_gmt":"2025-03-05T14:33:56","slug":"how-the-tariff-war-will-hit-canadian-consumers-pocketbooks","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2025\/03\/05\/how-the-tariff-war-will-hit-canadian-consumers-pocketbooks\/","title":{"rendered":"How the tariff war will hit Canadian consumers&#8217; pocketbooks"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><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<li class=\"breadcrumbs__item\">Economy<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">The Financial Post looked at the most pressing questions facing Canadian consumers<\/p>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Mar 05, 2025<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">5 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=\"9d3965e2-d91d-413f-aa3a-8889ff25b584\" 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><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Economists are almost unanimous in predicting that a tit-for-tat tariff barrage will place upward pressure on prices. <\/span> <span class=\"credit\">Photo by Getty Images\/iStockphoto<\/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<p data-async=\"\">U.S. President Donald Trump made good on his threat to slap 25 per cent tariffs on Canadian and Mexican goods on Tuesday, and Canada quickly retaliated, the first blows in a trade war that is rattling the North American economy. For Canadians, a lengthy tariff battle could have serious financial ramifications, from rising prices to lost jobs to a potential recession \u2014 never mind the U.S.\u2019s threat of annexation. The Financial Post looked at the most pressing questions facing Canadian consumers.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment486613371590465221781083897462784\" 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\" data-aqa=\"identity-sign-in\" 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leading global business publication.<\/li>\n<li>Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\n<li>National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\n<li>Daily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__anonymous\">\n<p>REGISTER \/ SIGN IN TO UNLOCK MORE ARTICLES<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account.<\/li>\n<li>Share your thoughts and join the conversation in the comments.<\/li>\n<li>Enjoy additional articles per month.<\/li>\n<li>Get email updates from your favourite authors.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__registration_only hidden\">\n<p>THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account<\/li>\n<li>Share your thoughts and join the conversation in the comments<\/li>\n<li>Enjoy additional 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<\/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<h2><strong>How much more will cars cost?<\/strong><\/h2>\n<p data-async=\"\">Economists are almost unanimous in predicting that a tit-for-tat tariff barrage will place upward pressure on prices, with the cost of cars and vehicles among the most significantly affected. That\u2019s because North America has a highly integrated automotive supply chain. Since the 1960s, automakers have been able to ship parts across borders without worrying about tariffs. \u201cThat changes today,\u201d Fraser Johnson, a professor of operations management and the Leenders Supply Chain Management Association chair at the University of Western Ontario\u2019s (UWO) Ivey School of Business, said Tuesday. That change, Johnson said, will translate into higher prices. \u201cIf you\u2019re going to place a tariff every time it crosses the border \u2014 whether that\u2019s on parts or raw materials \u2014 that\u2019s going to have a significant impact on the price of components that go into the car\u201d and on end prices for Americans and Canadians, he said. While the exact amount can\u2019t be certain, and will vary depending on the car\u2019s make and model, Flavio Volpe, the president of the Automotive Parts\u2019 Manufacturers Association of Canada, said that the cost of a car in Canada could rise between 10 to 25 per cent depending on country of origin. Similarly, a study by J.D. Power, an industry research firm, predicted that the tariff war could increase the cost of buying a new car by up to $6,000 for Canadian shoppers.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot8 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-headlinenews background--primary-light-gradient\" aria-labelledby=\"FinancialPostTopStories567775614812238086774789096079360\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" 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\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/dcs-static.gprod.postmedia.digital\/18.1.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 75w, https:\/\/dcs-static.gprod.postmedia.digital\/18.1.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 100w, https:\/\/dcs-static.gprod.postmedia.digital\/18.1.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 150w, https:\/\/dcs-static.gprod.postmedia.digital\/18.1.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 240w, https:\/\/dcs-static.gprod.postmedia.digital\/18.1.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 320w, https:\/\/dcs-static.gprod.postmedia.digital\/18.1.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 500w, https:\/\/dcs-static.gprod.postmedia.digital\/18.1.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 640w, https:\/\/dcs-static.gprod.postmedia.digital\/18.1.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 800w, https:\/\/dcs-static.gprod.postmedia.digital\/18.1.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 1024w, https:\/\/dcs-static.gprod.postmedia.digital\/18.1.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 1280w, https:\/\/dcs-static.gprod.postmedia.digital\/18.1.3\/websites\/images\/newsletters\/icon-fp-topStories.svg 1600w\" alt=\"Top Stories\" loading=\"lazy\" fifu-data-src=\"https:\/\/dcs-static.gprod.postmedia.digital\/18.1.3\/websites\/images\/newsletters\/icon-fp-topStories.svg\"\/><\/div>\n<div>\n<p>Top Stories<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Get the latest headlines, breaking news and columns.<\/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_HeadlineNews\">\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 Top Stories 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_HeadlineNews\">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=\"advertisment2077999466706872332339038321115136\" 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<h2><strong>What food prices are expected to rise?<\/strong><\/h2>\n<p data-async=\"\">Canada\u2019s first phase of retaliatory tariffs targets a long list of common grocery items like citrus fruit and orange juice, coffee and tea, and wine and spirits. Ottawa\u2019s second tariff package, to be implemented in three weeks, includes other fruits and vegetables, beef, pork and dairy. \u201cIf there\u2019s a load of oranges delivered tomorrow, and it has a 25 per cent increase (from tariffs), the consumer is immediately going to see an increase in price,\u201d said Gary Sands, senior vice-president of the Canadian Federation of Independent Grocers (CFIG), which represents 6,900 independent grocers country-wide. Shoppers may feel the biggest pinch when it comes to fresh produce, seafood and certain meats. \u201cAt this time of year, Canada imports a lot of leafy greens and fresh fruits from the States. A lot of our shellfish, salmon, tilapia, comes from the U.S. Chicken, not so much, because many independent grocers buy chicken domestically. But beef and pork prices will change,\u201d Sands said. The variety of items on grocery shelves could also \u201cbe leaner than usual\u201d as grocers shift their buying over the next few weeks, Sands said. \u201cRetailers can\u2019t afford to have things sitting on the shelf, so they are going to be pretty careful with their inventory, especially if consumers shy away from buying American products\u201d whether out of principle or because of higher prices, he said.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment5760220451005175794996080877240320\" 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<h2><strong>Will there be a recession?<\/strong><\/h2>\n<p>Most economists are predicting that a long-running tariff war will lead to an economic contraction \u2014 or close to it \u2014\u00a0 in Canada.\u00a0 \u201cIf the U.S. tariffs remain in place, Canada will undoubtedly fall into recession,\u201d wrote Stephen Brown, deputy chief North America economist at Capital Economics. Rate cuts and a \u201csustained period of even weaker GDP growth\u201d are on the horizon, Brown said. BMO Capital Markets\u2019 chief economist Douglas Porter, meanwhile, said tariffs could slow Canada\u2019s real GDP growth to 0.5 per cent in 2025, reflecting \u201creduced demands for Canadian exports to the U.S., which accounts for one-fifth of GDP.\u201d Supply chain disruptions hindering business activity and consumption, and heightened uncertainty hurting business investment would also have an impact.<\/p>\n<section aria-labelledby=\"moreTopicLabel5028792659447072193408514838757376\" 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=\"\" stock=\"\" market=\"\" sectors=\"\" are=\"\" getting=\"\" hit=\"\" hardest=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304tsx.jpg?h=96&strip=all&quality=5&sig=FT7-3_37qJhfeZ0xnll_7Q&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304tsx.jpg?h=96&strip=all&quality=5&sig=FT7-3_37qJhfeZ0xnll_7Q&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304tsx.jpg?h=96&strip=all&quality=5&sig=FT7-3_37qJhfeZ0xnll_7Q&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304tsx.jpg?h=96&strip=all&quality=5&sig=FT7-3_37qJhfeZ0xnll_7Q&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304tsx.jpg?h=96&strip=all&quality=5&sig=FT7-3_37qJhfeZ0xnll_7Q&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304tsx.jpg?h=96&strip=all&quality=5&sig=FT7-3_37qJhfeZ0xnll_7Q&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304tsx.jpg?h=96&strip=all&quality=5&sig=FT7-3_37qJhfeZ0xnll_7Q&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304tsx.jpg?h=96&strip=all&quality=5&sig=FT7-3_37qJhfeZ0xnll_7Q&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304tsx.jpg?h=96&strip=all&quality=5&sig=FT7-3_37qJhfeZ0xnll_7Q&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304tsx.jpg?h=96&strip=all&quality=5&sig=FT7-3_37qJhfeZ0xnll_7Q&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304tsx.jpg?h=96&strip=all&quality=5&sig=FT7-3_37qJhfeZ0xnll_7Q&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"People walk by a screen displaying devalued stocks and the Toronto Stock Exchange at King and Bay Streets in Toronto, Ont.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304tsx.jpg?h=96&strip=all&quality=80&sig=AF45F5kMTh1BXJB_kh6egg\" fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304tsx.jpg?h=96&strip=all&quality=5&sig=FT7-3_37qJhfeZ0xnll_7Q&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304tsx.jpg?h=96&strip=all&quality=80&sig=AF45F5kMTh1BXJB_kh6egg, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304tsx.jpg?h=192&strip=all&quality=80&sig=KhFt3zy2oBd3p5HoW82cnw 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304tsx.jpg?h=288&strip=all&quality=80&sig=9XFktc5ZAJftnM84Y6wMhA 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">These stock market sectors are getting hit hardest<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" paint=\"\" bleak=\"\" picture=\"\" as=\"\" trade=\"\" war=\"\" erupts=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304flags.jpg?h=96&strip=all&quality=5&sig=opdpbKGY-VCAecoEuBOsVw&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304flags.jpg?h=96&strip=all&quality=5&sig=opdpbKGY-VCAecoEuBOsVw&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304flags.jpg?h=96&strip=all&quality=5&sig=opdpbKGY-VCAecoEuBOsVw&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304flags.jpg?h=96&strip=all&quality=5&sig=opdpbKGY-VCAecoEuBOsVw&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304flags.jpg?h=96&strip=all&quality=5&sig=opdpbKGY-VCAecoEuBOsVw&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304flags.jpg?h=96&strip=all&quality=5&sig=opdpbKGY-VCAecoEuBOsVw&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304flags.jpg?h=96&strip=all&quality=5&sig=opdpbKGY-VCAecoEuBOsVw&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304flags.jpg?h=96&strip=all&quality=5&sig=opdpbKGY-VCAecoEuBOsVw&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304flags.jpg?h=96&strip=all&quality=5&sig=opdpbKGY-VCAecoEuBOsVw&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304flags.jpg?h=96&strip=all&quality=5&sig=opdpbKGY-VCAecoEuBOsVw&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304flags.jpg?h=96&strip=all&quality=5&sig=opdpbKGY-VCAecoEuBOsVw&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"The Canadian and United States flags fly near the border in Blackpool, Que.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304flags.jpg?h=96&strip=all&quality=80&sig=OEe-ueXBMwDYCYLGDO3WSQ\" fifu-data-src=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304flags.jpg?h=96&strip=all&quality=5&sig=opdpbKGY-VCAecoEuBOsVw&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304flags.jpg?h=96&strip=all&quality=80&sig=OEe-ueXBMwDYCYLGDO3WSQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304flags.jpg?h=192&strip=all&quality=80&sig=WYsFoVV2gC10Zkto651kYA 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304flags.jpg?h=288&strip=all&quality=80&sig=6n9PfbA4tTqZ0i7e8SW5-w 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Economists paint bleak picture as trade war erupts<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" trump=\"\" tariffs=\"\" impede=\"\" u.s.=\"\" sauce=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304mckay.jpg?h=96&strip=all&quality=5&sig=oITIIAzp3KaohZe1tjcgRQ&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304mckay.jpg?h=96&strip=all&quality=5&sig=oITIIAzp3KaohZe1tjcgRQ&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304mckay.jpg?h=96&strip=all&quality=5&sig=oITIIAzp3KaohZe1tjcgRQ&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304mckay.jpg?h=96&strip=all&quality=5&sig=oITIIAzp3KaohZe1tjcgRQ&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304mckay.jpg?h=96&strip=all&quality=5&sig=oITIIAzp3KaohZe1tjcgRQ&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304mckay.jpg?h=96&strip=all&quality=5&sig=oITIIAzp3KaohZe1tjcgRQ&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304mckay.jpg?h=96&strip=all&quality=5&sig=oITIIAzp3KaohZe1tjcgRQ&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304mckay.jpg?h=96&strip=all&quality=5&sig=oITIIAzp3KaohZe1tjcgRQ&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304mckay.jpg?h=96&strip=all&quality=5&sig=oITIIAzp3KaohZe1tjcgRQ&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304mckay.jpg?h=96&strip=all&quality=5&sig=oITIIAzp3KaohZe1tjcgRQ&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304mckay.jpg?h=96&strip=all&quality=5&sig=oITIIAzp3KaohZe1tjcgRQ&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Dave McKay, chief executive of Royal Bank of Canada, during an event at the Canadian Club in Toronto, Ont.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304mckay.jpg?h=96&strip=all&quality=80&sig=0dPeSpR1wQuzJDH_CTAX5g\" fifu-data-src=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304mckay.jpg?h=96&strip=all&quality=5&sig=oITIIAzp3KaohZe1tjcgRQ&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304mckay.jpg?h=96&strip=all&quality=80&sig=0dPeSpR1wQuzJDH_CTAX5g, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304mckay.jpg?h=192&strip=all&quality=80&sig=ZP55ZX1QWcIUbXVcRYd3aA 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0304mckay.jpg?h=288&strip=all&quality=80&sig=uuVH_Es4afMedlOdVgHLxQ 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">RBC: Trump&#8217;s tariffs impede U.S.&#8217;s &#8216;secret sauce&#8217;<\/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<h2><strong>How many jobs could be lost?<\/strong><\/h2>\n<p data-async=\"\">The trade war could also strike a big blow to Canada\u2019s labour market. Canadian policymakers have warned of severe job losses, with Immigration Minister Marc Miller warning on Monday that up to one million jobs in Canada are at risk. Quebec could lose 160,000 jobs if 25 per cent tariffs remain in place over the long term, provincial premier Fran\u00e7ois Legault said on Tuesday. Ontario premier Doug Ford said earlier in the year that Trump\u2019s tariffs put 500,000 jobs in the province at risk. If tariffs are in place for more than a year, RBC chief economist Frances Donald said in a note that it could result in a two per cent contraction in real GDP \u201cwith a peak unemployment rate of more than eight per cent.\u201d Domestic industries that rely on exporting to the U.S. will be the hardest hit and likely to lose the most jobs \u2014 the likes of automotive and aerospace factories, steel and aluminum plants, alongside the forestry and lumber sector \u2014 with Quebec, Ontario, and the Maritime provinces the most exposed.\u00a0 The Canadian branch of the United Steelworkers union, which represents 225,000 members in the country, has estimated that up to 100,000 jobs in the steel and aluminum sector could be affected, with 30,000 jobs impacted in the near-term. Canada\u2019s auto sector, which is the country\u2019s second-largest export industry \u2014 93 per cent of exports are shipped to the U.S. \u2014 could feel a particularly brutal sting with Trump set to impose an additional 25 per cent on steel and aluminum imports next week, bringing the total levy to 50 per cent. The auto industry provides 125,000 direct jobs in Canada. But, as RBC\u2019s Donald wrote, the economic pain resulting from tariffs depends on \u201chow long they \u2014 and retaliatory measures \u2014 remain in place.\u201d<\/p>\n<p data-async=\"\"><em>\u2022 Email: ylau@postmedia.com<\/em><\/p>\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 financialpost.com to 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 \/>How the tariff war will hit Canadian consumers&#8217; pocketbooks<\/a><br \/>\n<br \/>2025-03-05 14:33:56<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Economy The Financial Post looked at the most pressing questions facing Canadian consumers Published Mar 05, 2025 \u00a0\u2022\u00a0 5 minute read You can save this article&#8230;<\/p>\n","protected":false},"author":2,"featured_media":56990,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0306-bc-wallet.jpg?quality=90&strip=all&w=288&h=216&sig=jkIh6J_WrNYiOSePONMY3Q","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-56989","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/56989","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=56989"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/56989\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/56990"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=56989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=56989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=56989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}