How U.S. tariffs could affect consumer prices and Canada’s agriculture industry [Video]

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As Donald Trump’s inauguration looms, Canada’s agriculture industry is waiting with bated breath to see whether the sweeping tariffs he’s threatened will come to pass.

If they do, producers would have to plug the gaps left by restricted access to the country’s largest trading partner and consumers could be left paying higher prices.

“When you have a new administration coming into your No. 1 market and they’re talking about their interest or intention to impose tariffs, that’s certainly not something to be ignored,” said Chris Davison, president and CEO of the Canola Council of Canada.

“At the same time … we don’t want to overreact.”

President-elect Trump recently threatened Canada and Mexico with 25 per cent tariffs.

Canada has responded swiftly, with Prime Minister Justin Trudeau touting the need for a united front to deal with the new administration and flying to dine with Trump at Mar-a-Lago.

Brace for higher prices

The Canadian food …