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Or sign-in if you have an account.U.S. President Donald Trump arrives to speak at Wheeler High School in Marietta, Ga., on July 22, 2026. Trump this week ramped up his tariff threats against Canada. Photo by SAUL LOEB /AFP via Getty ImagesSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorUnited States President Donald Trump rattled Canada’s economic foundations again this week by threatening new tariffs of 50 per cent on Canadian exports that are likely to hit the economies of British Columbia, Ontario and Quebec the hardest, says one economist.The tariffs, which are set to take effect on Aug. 19, would hit about 13 per cent of B.C.’s total exports, nine per cent of Ontario’s and 10 per cent of Quebec’s, Bryan Yu, chief economist at Central 1 Credit Union in Vancouver, said in a note on July 23.“The goods impacted are relatively wide-reaching,” he said.Breaking business news, incisive views, must-reads and market signals. 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Please try againThey stretch from alcohol and dairy to other subgroups including cement, hockey sticks, furniture, electronics, clothing and florals, which are “predominantly” exported from the three provinces, he said.Andrew Hencic, a senior economist at TD Economics, said in a note on Tuesday that the tariff’s targets, which are in response to bans on U.S. alcohol, Canadian auto tariffs and the dispute over access to the dairy industry, were chosen “where demand is going to be highly responsive to the new duties.”Yu said he expects B.C.’s wine industry to take a hit, as well as the province’s wood fibre and plywood sectors, but the overall impact on exports will be more muted compared with central Canada since B.C. only sends about 50 per cent of its international goods south of the border, while Ontario and Quebec send about 70 per cent of exports to the U.S.China, South Korea, Japan and Asia in general are larger trading partners for B.C. compared with other provinces, which Yu said will help shield it from some of the tariffs, while its service trade in the form of, say, tourism will also act as something of a shield, Yu said.In Ontario, some industries that could be exposed include electronics manufacturers and companies that make components for electrical equipment.Of all the provinces, Alberta sends the largest share of its exports — 85 per cent and mostly energy — to the U.S., but energy was exempt from the latest tariff threat. Potash and critical minerals were exempt, too.Yu estimates the new tariffs could affect $31-billion worth of goods.Tariffs won’t be stacked on top of others affecting steel and aluminum, but targeted goods won’t be protected by the Canada-U.S.-Mexico Agreement, which has so far allowed Canadian exports to have among the lowest tariff rates.Canada’s average U.S. tariff rate could jump to about six per cent from five per cent, but that would still be among the lowest globally, though “highly damaging at an industry level,” Yu said.He said more Canadian companies could be forced to move their production stateside to keep their businesses viable if the tariffs come to pass.“If it does go forward, it does cut off the U.S. as an export market for some products that are domestically produced, and it will also mean that for some of these producers, they’ll need to look at different ways to stay in that U.S. market, either by shifting their production over or opening up new manufacturing plants there,” he said. Sign up here to get Posthaste delivered straight to your inbox.Canada’s retail sales rose for the fifth straight month in May, with gains posted across the board.The data, published by Statistics Canada Thursday, showed total retail sales increased by one per cent to $73.7 billion that month. In volume terms, sales were up 0.3 per cent.“Consumer spending remained resilient in the face of the global oil price shock in May.… The advance was in line with StatCan’s flash estimate and our expectations, and supported by another large increase in pump prices,” said Michael Davenport, senior Canada economist at Oxford Economics, in a note on Thursday.“(June’s estimate) likely reflects a bump in spending from the federal grocery and essentials benefit, which has long been factored into our forecast.” — Paula Tran, Financial PostRead the full story here.Today’s Data: Bloomberg July Canada economic survey, industrial product price and raw materials price index, S&P Global U.S. Manufacturing and Services PMI, U.S. new home sales, Kansas City Fed Services activity, U.S building permits.Earnings: Canadian National Railway Co., Verizon Communications Inc., American Express Co.An Ontario woman and her husband would like to draw up new wills to leave whatever they have to their son, while also ensuring that the husband’s two daughters from a previous relationship are not beneficiaries of the couple’s estate. What can they do to ensure that any contesting of their wills is unlikely to succeed? FP Answers has some suggestionsInterested in energy? The subscriber-only FP West: Energy Insider newsletter brings you exclusive reporting and in-depth analysis on one of the country’s most important sectors.Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).Want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his mortgage rate page for Canada’s lowest national mortgage rates, updated daily.Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.Today’s Posthaste was written by Gigi Suhanic with additional reporting from Financial Post staff and Bloomberg.Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@postmedia.com.Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.