Karny enters trade conflict with Trump
The article discusses the escalation of the trade war between Canada and the United States, resulting from the latter's imposition of tariffs on Canadian exports, including a 50% duty on goods valued at approximately $20 billion annually. New tariffs are also set to take effect in September 2026 on American imports targeting the steel and electronics sectors. The article highlights the impact of these policies on the Canadian economy, projecting a nearly 2.5% decline in GDP, or around $35 billion, in 2024, along with the loss of about 150,000 jobs, particularly in the metals, energy, and construction sectors. It also notes that Canada is seeking to reduce its reliance on the U.S. market by negotiating economic agreements with other countries, but still remains heavily dependent on the United States, which accounts for about 70% of its exports and a bilateral trade volume of $900 billion in 2025. The tariffs are expected to increase production costs for American consumers, estimated to raise household expenses by $1,100 annually, and negatively affect industries such as automotive, construction, and energy amid economic and political pressures ahead of the U.S. midterm elections.
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