Concerns over economy

As Canadians wake up to news that Donald Trump will return to the White House, the president-elect's protectionist stance is casting a spotlight on what effect his second term will have on Canada-U.S. economic ties.

Some Canadian business leaders have expressed worry over Trump's promise to introduce a universal 10 per cent tariff on all American imports.

A Canadian Chamber of Commerce report suggests those tariffs would shrink the Canadian economy, resulting in around $30 billion per year in economic costs.

American economists have warned Trump's plan could cause inflation and possibly a recession, which could have ripple effects in Canada.

More than 77 per cent of Canadian exports go to the U.S.

The Toronto Region Board of Trade says that since the Canada-United States-Mexico Agreement came into effect in 2020, trade between Canada and the U.S. has surged by 46 per cent. That deal is up for review in 2026.