Stories

Tue, 08 Sep 2026

Tue, 08 Sep 2026 What tariffs will really cost Canadians and Americans

Households and businesses have become used to tariffs impacting the cost of living for more than year now, so what will change now?

* Canada has imposed retaliatory import taxes on a range of US goods, including vehicles, steel, aluminum, and lumber.
* The tariffs have been applied in response to President Trump's threat to raise tariffs on Canadian vehicles from 25% to 50%.
* The automotive industry is expected to be affected by the new tariffs, with car dealerships already absorbing the "lion's share" of costs from previous tariffs.
* Businesses that rely on cross-border trade may face higher costs and uncertainty due to the tariffs, which could lead to job losses.
* Consumers in Canada are unlikely to see a significant impact on their cost of living as a result of the tariffs, but businesses that export to the US may be affected.
* The tariffs have added another layer of complexity to the already complicated trade relationship between Canada and the US, with both countries seeking to extend the free-trade agreement (USMCA) for 16 more years.