Economists warned that Canadian Prime Minister Mark Carney’s tariff strategy could bring economic pain, but Canadians remain strongly supportive amid deep anger toward the Trump administration. According to Sina Finance, Canada’s retaliatory tariffs of 15% to 50% took effect this week, covering hundreds of U.S. goods including paper, steel, aluminum, furniture, cheese, and seafood.
Oxford Economics said in a report released after Canada announced the retaliatory tariffs on August 25 that the measures could protect some domestic manufacturers but would raise business costs and consumer prices. The firm forecast Canada’s GDP growth at 0.8% in 2026, while tariff effects could cut 2027 GDP growth by 0.2 to 0.3 percentage points from the August baseline and lift inflation by about 0.3% versus the August 2027 baseline.
CTV-commissioned Nanos polling showed support for Canada’s retaliatory tariffs at a record high, with 75% of more than 1,000 respondents clearly in favor and another 10% partly supportive. The survey also found that 38% of Canadians were willing to pay more for everyday goods, while 31% were somewhat willing to accept higher prices.