President Trump’s escalating trade fight with Canada is squeezing its economy, with U.S. tariffs on roughly $20 billion in goods still in place. Steel exports have fallen by roughly half since the tariffs took effect, and lumber exports were about 20% below 2024 levels earlier this year, according to the Bank of Canada. Consumer prices were 3% higher in August than a year earlier, with grocery prices up 2.8% and transportation costs up 7.5%, while goods hit by retaliatory tariffs rose roughly 6% more than unaffected products. David Clement of the Consumer Choice Center said U.S. complaints about Canadian dairy access are valid, though dairy is a small part of a relationship in which more than 99% of trade was duty-free before 2025. Higher energy prices tied to the Iran war add another squeeze ahead of the midterm elections.
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