Canadians are headed to the polls against a backdrop of global economic turmoil sparked by U.S. President Donald Trump’s
tariff wars
.
As party leaders tout themselves as the best to handle
Canada’s economy
, prices are going up. Auto tariffs are expected to increase car prices by US$5,000, canned goods are expected to climb 40 cents per can, while furniture and other imported goods will also increase, to name a few of the economic challenges Canadians face.
But what are the best ways to cope with price increases? What should Canadians do to protect themselves from the economic turmoil? What does this election mean for Canadians’ finances?
The Financial Post enlisted two personal finance experts and longtime contributors to answer reader questions during a live Q&A.
Jason Heath
, certified financial planner at Objective Financial Partners, and
Ted Rechtshaffen
, president and portfolio manager at TriDelta Private Wealth, answered your questions about what the candidates’ proposals and the trade war will mean for your personal finances, from your mortgage to your RRSPs and more.
Tariff timeline so far
- February 4: Trump originally pledged his tariffs would begin, but then he delayed them by 30 days.
- March 4: Trump imposed 25 per cent tariffs on Canada and Mexico, but 10 per cent on Canadian energy and potash. Canada responded with countermeasures totalling $30 billion.
- March 5: Trump granted automakers a reprieve from tariffs, then postponed tariffs on goods covered by the Canada-United-States-Mexico Agreement (CUSMA) the next day.
- March 10: Ontario imposed a 25 per cent surcharge on electricity exports, but soon repealed them.
- March 12: The U.S. imposed 25 per cent tariffs on steel and aluminum imports. Canada imposed matching retaliatory tariffs totalling $15.6 billion a day later, along with further tariffs worth $14.2 billion.
- April 2: Trump imposed sweeping tariffs on international trading partners, though goods covered under the CUSMA have been spared.
- April 3: Trump imposes 25 per cent tariffs on auto imports for those not under CUSMA.
- April 9: Trump announces a 90-day pause on reciprocal tariffs, Canada imposes a 25 per cent retaliatory tariff on U.S. autos.
- April 14: Trump considers pausing auto tariffs to allow automakers to relocate manufacturing.
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