What can Canadians do to prepare for potential tariffs, higher prices?
Global News
Earlier this week, Trump threatened widespread tariffs on goods being imported into the U.S. from Canada and Mexico on his first day in office.
As concerns mount over what impact potential tariffs from U.S. president-elect Donald Trump could have on Canada, economists say Canadians should expect an increase in costs from ripple effects if those tariffs do kick into place.
Earlier this week, Trump threatened widespread tariffs on goods being imported into the U.S. from Canada and Mexico on his first day in office, and said he wants action on border security and drug trafficking.
For Canadians, part of any impact if the tariffs go ahead would come from the affect they would have on Canada’s currency.
Stephen Tapp, chief economist with the Canadian Chamber of Commerce, told Global News that tariffs could cause the Canadian dollar to depreciate, which could mean people could see growing costs.
“Let’s say you’re travelling and you’re going abroad, that may mean it’s more expensive for you to go on that vacation,” he said. “But even if you’re staying at home in Canada, there will be a variety of different things that we import that are not necessarily made fully in Canada.”
That could include grocery items, including things like fruits and vegetables that are imported and could see price increases if the dollar sinks.
The dollar already saw a drop after Trump issued his tariff threat, hitting 71.01 cents USD in the early afternoon of Tuesday, the lowest level its hit since May 2020. It has since risen to about 71.37 cents USD as of 3 p.m. Eastern Thursday.
Given the “uncertainty” being felt in Canada with the looming threat, Tapp said it may have some questioning if they should buy some items now or wait.
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