CIBC: Canada must be prepared to upgrade countermeasures against Trump's tariff threats

On January 9, Derek Holt, an economist at the Bank of Nova Scotia, said that if U.S. President-elect Trump fulfills his promise to impose 25% tariffs on all Canadian imports, Canada needs to prepare for retaliation against the United States. Holt believes tariffs are inevitable given Trump's recent rhetoric, including a promise to use economic power to persuade Canada to become the 51st state of the United States. Holt said Canada must prepare for an escalating response, which is broader than the targeted tariffs imposed by the first Trump administration on certain U.S. products from Republican-friendly regions. Holt advocates for measures that would cause "maximum turbulence" to the Supply Chain network.