Canada just escalated the trade war — slapping 15-50% tariffs on ~$20B of US goods and doubling steel tariffs to 50%. This isn't just noise. It's a real macro risk.
Watch USD/CAD, commodity flows, and cross-border equity exposure. US industrials, steel names, and exporters with Canadian revenue could take a hit. Meanwhile, Canadian inflation may tick up from import cost pass-through.
If this spreads or retaliates further, we're looking at stagflation risk on both sides of the border. Tariffs = tax on growth. Macro just got messier.
Watch USD/CAD, commodity flows, and cross-border equity exposure. US industrials, steel names, and exporters with Canadian revenue could take a hit. Meanwhile, Canadian inflation may tick up from import cost pass-through.
If this spreads or retaliates further, we're looking at stagflation risk on both sides of the border. Tariffs = tax on growth. Macro just got messier.