Donald Trump has been elected as the 47th President of the United States and at least one expert is warning that the result could be ‘overwhelming negative’ for Canada’s economy.
Ian Lee, who is an associate professor at the Sprott School of Business at Carleton University, told CP24 on Wednesday morning that Trump’s victory south of the border will present a number of challenges to Canada, particularly when it comes to cross-border trade.
“I think the outcome is going to be overwhelmingly negative and I say that analytically and empirically. First off he has said he will put a 10 to 20 per cent tariff on goods from Canada to the United States. We export one third of our GDP, roughly $800 billion, and about 70 per cent of that goes to the U.S. So that would be catastrophic,” Lee said. “But it doesn’t stop there. He (Trump) has also said that he is going to …