Canada faces ‘collateral damage’ in escalating U.S.-China trade war
OTTAWA — Grim scenarios of collateral damage for Canadian consumers and businesses are emerging in response to escalating the U.S.-China trade war.
The Trump administration has taken aim at China by imposing a 25 per cent tariff on goods worth U.S. $34 billion, but the worst is still on the horizon.
The U.S. has announced a further round of tariffs on $200 billion worth of Chinese goods that could go into effect towards the end of the summer, after Congress takes a closer look at the implications in a round of hearings in five weeks.
All of that amounts to more economic pain for Canadian consumers and businesses, which are already coping with the effects of their country’s own trade war with the U.S. over President Donald Trump’s imposition of steel and aluminum tariffs on Canadian imports.