\n<\/p>\n
While the majority of products are exempt from US tariffs under the current free trade agreement between the US, Canada and Mexico – the USMCA – the White House has imposed tariffs on specific sectors, including 15% to 50% tariffs on steel, aluminum, and copper – the ones proving challenging to White – and 25% tariffs on vehicles.<\/p>\n
“What’s key is just that there are these different parts of the economy or the country that are affected differently,” said Kronick.<\/p>\n
“We’ve seen big changes in [auto hubs] Brampton and Windsor and changes where steel, aluminum, and autos are all impacted. I think they’re experiencing it far more acutely than, perhaps, people in downtown Toronto.”<\/p>\n
Ottawa is negotiating with the US both to reduce these sectoral tariffs and on a review of the USMCA but have yet to reach a deal.<\/p>\n
“I think at this point most people expect there to be some tariffs on whatever a deal looks like, but I think what’s necessary now is just to know what that is, right?,” Kronick said.<\/p>\n
“If I know it’s 10% fine, it’s a 10% tax, and I can make my adjustments to my business accordingly, and we move on,” he said.<\/p>\n
Kronick said Canada’s economy has some structural issues feeding the stagnation, such as trade barriers between provinces – things like different trucking requirements, or professional licensing – and a tax system that has become “uncompetitive, let’s just say with, with other jurisdictions that we compete with”.<\/p>\n
But there are some fundamental strengths.<\/p>\n
“If you were drawing up a country from scratch, a well-educated, well-resourced, not overpopulated country would be what you would want, right? So, I think Canada has all those things, all those features,” he said.<\/p>\n
“I think we just have to unlock them.”<\/p>\n
With files from Nadine Yousif <\/p>\n","protected":false},"excerpt":{"rendered":"
While the majority of products are exempt from US tariffs under the current free trade agreement between the US, Canada and Mexico – the USMCA – the White House has imposed tariffs on specific sectors, including 15% to 50% tariffs on steel, aluminum, and copper – the ones proving challenging to White – and 25% 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GLOBAL NEWS<\/a>","rttpg_excerpt":"While the majority of products are exempt from US tariffs under the current free trade agreement between the US, Canada and Mexico – the USMCA – the White House has imposed tariffs on specific sectors, including 15% to 50% tariffs on steel, aluminum, and copper – the ones proving challenging to White – and 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