The latest salvo in US President Donald Trump's freewheeling trade war could have disastrous effects for Canadian business. But the new tariff threats may also open up trade opportunities elsewhere, with China and the EU in a strong position to benefit.
Trump's planned 50% tariff on a range of imported goods ranges from wine to hockey sticks but does not include other key sectors such as energy, potash and fish.
It is expected to impact about 5%, or $20 billion (€17.5 billion) worth, of goods and "the impact could be devastating for the people in businesses involved," Julian Karaguesian, an economics lecturer from Canada's McGill University, told DW.Trump hits Canada with 50% tariffs in major trade escalationTo view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video
Canada's Prime Minister, Mark Carney, has promised to take "any measures necessary" to protect Canadian workers, farmers and businesses, likely by moving away from a single major trading partner.
Canada seeks to further diversify trade after Trump tariffs
