Trump Tariffs Squeeze $20 Billion of Canadian Goods as Steel Exports Halve

3 articles · Updated · Fox News · Oct 24

$20 billion in U.S. tariffs on Canadian goods are straining Canada's economy, hitting steel, aluminum, lumber and auto producers and threatening jobs tied to the U.S. market.
Steel exports have fallen by roughly half since the tariffs took effect, while lumber exports were about 20% below 2024 levels earlier this year, according to the Bank of Canada.
Canadian households are also absorbing the shock: consumer prices were 3% higher in August than a year earlier, transportation costs rose 7.5%, and tariff-hit goods increased about 6% more than comparable untaxed products.
The dispute centers on long-running fights over Canada's protected dairy market and softwood lumber, but economists note more than 99% of U.S.-Canada trade was duty-free before 2025.
With midterm elections weeks away, the tariff fight is colliding with higher energy costs from the Iran war, a combination one analyst called a 'double whammy' for consumers.