WATCH: With the news of Donald Trump's re-election settling in, many Canadians are wondering how the newest presidency will affect our economy. To outline some of the impact, personal finance expert Rubina Ahmed-Haq joins Miranda Anthistle for this week's segment of Your Money.had won the U.S. presidential election this week sparked a rush of memories for Jean Simard, the president and CEO of the Aluminum Association of Canada.
Freeland was in Toronto on Thursday meeting with representatives of the Canadian steel industry to discuss the ramifications of the election.During the campaign, Trump threatened to levy blanket tariffs of 10 per cent or more on all goods coming into the U.S., with even heavier trade restrictions placed on Chinese goods. He also said he would look to renegotiate the Canada-United States-Mexico Agreement , NAFTA’s replacement. The trade pact is up for renegotiation in 2026.
Some economists have pointed out that trade policies aimed at boosting American manufacturing output by putting tariffs on Canadian goods could backfire on the U.S., given how interconnected North American supply chains have become.noted that many goods, particularly in the automotive sector, cross between Canada and the U.S. multiple times over the course of the manufacturing process, with multinational automakers relying on a porous cross-border assembly line.
“The choice is between Canada, Middle Eastern countries, or India. Make your pick. I think Canada is still the preferred supplier for all the U.S. industries,” he says.That interconnectivity of automotive supply chains in North America is a reason for optimism in the face of Trump’s threats, says Brian Kingston, the CEO of the Canadian Vehicle Manufacturers Association.
Kingston argues that the U.S.’s efforts to “decouple” from China set up a situation where Canada could fill a role, particularly on EV production. He urges Canadian governments to speed up the processes for mining infrastructure to show the U.S. that the domestic industry is ready to rise to the moment.“If a Trump administration moves more aggressively on its approach to China, Canada is perfectly placed to be that strong partner and ally and to help that transition take place.