Trevor Tombe, a trade economist at the University of Calgary, estimates that up to 90,000 Canadian jobs could be at risk.
The potential job losses are not limited to the manufacturing sector affected by tariffs; they could also impact transportation companies, suppliers, and other businesses reliant on international trade as exports decrease.
Joseph Steinberg, a macroeconomics professor at the University of Toronto, cautioned that some businesses might cease to exist entirely.
Steinberg mentioned to the New York Times, “Fifty percent is a huge number for the individual products that are affected.”
He further explained, “In some cases, exports will stop altogether, and the firms that produce those products will be severely impacted. Some will undoubtedly shut down.”
The forestry sector is particularly vulnerable, with products such as plywood, laminated wood, fiberboard, paper, packaging, and tissue facing new tariffs.
Derek Nighbor, president of the Forest Products Association of Canada, expressed concern to the Times: “We’re getting hammered.”
Other sectors, including machinery, electronics, furniture, toys, and plastic-heavy goods, are also anticipated to experience significant challenges.
