“Some resilience”—those were the two words Bank of Canada governor Tiff Macklem used last week to describe how the Canadian economy is holding up under the weight of U.S. tariffs.
Just a few days later, U.S. President Donald Trump added 35 percent tariffs on Canadian goods to a running tally that includes hefty duties on steel, aluminum, automobiles and, more recently, semi-finished copper.
With tariffs piling up over the past few months, economists say Canada’s economy is starting to show cracks—but few signs of collapse.
TD Bank economist Marc Ercolao conceded it’s a “bit of surprise” to see the economy holding up against a massive disruption from Canada’s largest trading partner….