OTTAWA — Economists weighing in on U.S. President Donald Trump’s latest round of tariffs suggest the new duties will hit around five per cent of Canada’s exports to the United States.
Trump signed a series of executive orders Monday that would impose a 50 per cent tariff on a range of goods, from honey to hockey sticks to cement, with no exemptions under the North American free trade pact.
BMO senior economist Robert Kavcic says in a note to clients that the proposed tariffs would cover roughly $28-billion worth of annual Canadian exports to the United States.
He says that number is digestible for the entire economy but some specific businesses and industries will be hit extremely hard if the tariffs come into effect as planned on Aug. 19.
CIBC deputy chief economist Benjamin Tal also says in a note that he sees the new tariffs as a sector-specific story for the economy, not a sweeping threat.
The Trump administration has cited Canada’s supply managed dairy industry, provincial bans on U.S. booze and quotas on the American automotive sector to justify the new tariffs.
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