Canada's Already Struggling Economy Hit With Biggest Shock in Nearly 100 Years -- Market Talk

Dow Jones07:38

2338 GMT - Canada's economy faces its largest trade shock since the Smoot-Hawley tariffs of the 1930s, which are widely blamed for exacerbating and prolonging the Great Depression, Royal Bank of Canada's Frances Donald and Nathan Janzen say. A persistent tariff of the magnitude launched by the U.S. is recessionary for Canada and could, based on many assumptions, wipe out growth for up to three years, the economists say. That would drive up unemployment rates 2 to 3 percentage points. They note Canadian manufacturing is most exposed, though the knock-on effects will be broad. And all this at a time when the economy is already struggling and not well positioned to absorb the shock of tariffs. (robb.stewart@wsj.com ; @RobbMStewart)

(END) Dow Jones Newswires

February 02, 2025 18:38 ET (23:38 GMT)

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