Canada’s retaliatory tariffs on U.S. imports are costing consumers an estimated $100 million a week and raising prices by about 0.25 percent, an economist told MPs.
University of Calgary economics professor Trevor Tombe testified before the House of Commons foreign affairs committee on Oct. 21 about the counter-tariffs that Ottawa imposed on $28 billion of American imports on Sept. 8, in a tit-for-tat response to American tariffs that took effect Aug. 22.
The retaliatory tariffs ranged from 15 percent on U.S. farm equipment and appliances to 25 percent on construction supplies and 50 percent on smartphones, furniture, aluminum, and steel.
Tombe told MPs that Ottawa’s retaliatory tariffs cut half a percentage point from the disposable income of Canadians making under $30,000 a year and increased consumer prices “across the board” by roughly 0.25 percent, as first reported by Blacklock’s Reporter….