Canada can huff, and puff, but if anything’s going to blow down Donald Trump’s house of tariffs, it’s going to be the reaction within the United States.
And there are signs of pushback.
The stock market is turning, economic sentiment is nosediving, the U.S. president’s approval is receding, and American lawyers are preparing lawsuits.
Those factors will likely pack more punch in Washington than the $155 billion in counter-tariffs threatened by Canada. To put this number in perspective, it’s a fraction of what American stock markets have lost this week.
The president caused an instant swoon with several simple words: “The tariffs — they’re all set,” Trump said on Monday, confirming a 25 per cent duty on most products was coming today, and that there was nothing Canada and Mexico could say to dissuade him.
Markets replied by quickly wiping out their entire gainsfor 2025, with the S&P 500 losing 1.76 per cent on the day, triggering hundreds of billions in losses in what …