Global News on Nostr: Canada will take bigger economic hit than U.S. if Trump wins election: report ...
Canada will take bigger economic hit than U.S. if Trump wins election: report
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A new report warns that Canada will experience a bigger economic impact than the United States if Donald Trump wins the upcoming presidential election and imposes promised tax cuts and tariffs on all U.S. imports. The report by Scotiabank Economics states that if Trump follows through on his vow to slap a 10% tariff on all imported goods (excluding China, which would face a 60% carve-out on its U.S. exports) and countries retaliate with their own tariffs, there would be substantial negative impacts on the U.S. economy. GDP would likely fall by more than 2% by 2027 relative to current forecasts, while inflation would rise 1.5% and interest rates would increase by 2%. In Canada, the economic impact would be even more significant, with an expected GDP drop of 3.6%, along with increased inflation and interest rates. The report also highlights the need for Canada to address its issues with lagging productivity, as it makes the country more vulnerable to economic shocks brought by trade policy changes in the U.S. and abroad. The report focuses more on the potential fallout from Trump's promises, as they are seen as more harmful and likely to be implemented than Joe Biden's vow to raise the corporate tax rate.
#Canada #UnitedStates #DonaldTrump #PresidentialElection #TaxCuts #Tariffs #Gdp #Inflation #InterestRates #TradePolicy #Productivity #JoeBiden
https://globalnews.ca/news/10444185/donald-trump-us-election-economy-tariffs-canada/
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A new report warns that Canada will experience a bigger economic impact than the United States if Donald Trump wins the upcoming presidential election and imposes promised tax cuts and tariffs on all U.S. imports. The report by Scotiabank Economics states that if Trump follows through on his vow to slap a 10% tariff on all imported goods (excluding China, which would face a 60% carve-out on its U.S. exports) and countries retaliate with their own tariffs, there would be substantial negative impacts on the U.S. economy. GDP would likely fall by more than 2% by 2027 relative to current forecasts, while inflation would rise 1.5% and interest rates would increase by 2%. In Canada, the economic impact would be even more significant, with an expected GDP drop of 3.6%, along with increased inflation and interest rates. The report also highlights the need for Canada to address its issues with lagging productivity, as it makes the country more vulnerable to economic shocks brought by trade policy changes in the U.S. and abroad. The report focuses more on the potential fallout from Trump's promises, as they are seen as more harmful and likely to be implemented than Joe Biden's vow to raise the corporate tax rate.
#Canada #UnitedStates #DonaldTrump #PresidentialElection #TaxCuts #Tariffs #Gdp #Inflation #InterestRates #TradePolicy #Productivity #JoeBiden
https://globalnews.ca/news/10444185/donald-trump-us-election-economy-tariffs-canada/