The US and Canada appear no closer to resolving their ongoing trade dispute. Here are five charts to help break it all down.
- The Royal Bank of Canada estimates that Ontario and Quebec are the most impacted by US sectoral tariffs. …Additional US tariffs on $20bn worth of Canadian goods are expected to impact all provinces in some way, though BC, Quebec and Ontario will feel the brunt.
- Swing states in the cross hairs …The swing state of Ohio will be hardest hit, followed by Illinois and Pennsylvania.
- From the lowest tariff rates to one with the pack… the average effective US tariff rate on Canada is now higher than Mexico’s, and is approaching the UK and Vietnam.
- Canada’s exports are going elsewhere… Canada’s exports beyond the US have risen sharply since tariffs were introduced.
- Fewer jobs and less disposable income… on both sides of the border, tariffs have hit jobs and disposable income.