Canada Holds Fire on Tariffs, US Economy Braces for Impact

Canada has not yet imposed its threatened tariffs on US goods, but if it does, it will likely mirror the US's move. According to economist Ray Perryman, the tariffs cover over $20 billion worth of American products. The targeted items include steel, furniture, clothing, appliances, cheese, and seafood, with some facing a 50% tariff and others a 25% one.

Perryman notes that while the tariffs may seem significant, they are relatively small in comparison to the overall economy. He also adds that US dairy farmers will not be affected by the tariffs as they don't buy from Canada.

Some East Texans may notice price increases on certain products due to the tariffs, but political science professor Steven Galatas believes that the impact will be minor and only affect a small fraction of the economy. He points out that the US and Canada have been unable to resolve their softwood lumber dispute since 2015.