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Trump Tariffs Against Canada May Push up Prices in US as Production Costs Likely to Increase

By Prathapan Bhaskaran - Mar 04, 2025, 03:57 AM ET

Last Updated - Mar 04, 2025, 06:47 AM EST

Energy, plastics and aluminum imports likely to become costlier pushing up production cost of consumer products in US

Trade tensions that U.S. President Donald Trump is igniting with customary friends and foes alike around the world is substantially altering global trade landscape. An immediate casualty is the trade relations between the U.S. and long-term ally Canada. President Trump has been riling about a huge trade deficit with Canada with which the U.S. shares the world’s longest unpatrolled border.

President Trump’s 25% tariffs on imports from Canada came into effect from March 4, 2025, and Prime Minister Justin Trudeau has promised retaliation in same measure. The billowing trade war could impact businesses and farmers of both sides, no doubt. One of the major causes of Trump’s anger is the trade deficit with Canada that has been steadily increasing over the years.

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The balance of payments deficit was a massive $63.3 billion in Canada’s favor in 2024, which was a 55.9% increase over the previous year’s $40.6 billion. The surge in Washington’s trade deficit with Ottawa came after 29.4% drop in 2023 from $57.6 billion in 2022. Washington enjoyed a positive trade balance with Ottawa only in 2020 when its total exports were more than its imports of a slender margin of $649 million. The improvement in 2020 was from a deficit of $1.1 billion in 2019.

Surge in imports worsened trade deficit

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Energy, plastics and aluminum imports likely to become costlier pushing up production cost of consumer products in US

Sponsored

Surge in imports worsened trade deficit

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Trump Tariffs Against Canada May Push up Prices in US as Production Costs Likely to Increase

Energy, plastics and aluminum imports likely to become costlier pushing up production cost of consumer products in US

Surge in imports worsened trade deficit

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