The survey was conducted by Vancouver-based lending firm Spring Financial, with an online survey polling 1,500 Canadians. 74 per cent of respondents felt uneasy due to ongoing tariff threats. This figure rose to 80 per cent among Generation Z participants and those earning under $50,000 annually.
Economic tensions between Canada and its largest trading partner have been exacerbated by U.S. President Donald Trump’s recent announcement regarding his intent to impose tariffs on trading partners. While Trump suggested Canada might not face the same level of tariff imposition as other countries, uncertainty remains high. During a recent statement on Truth Social, he referred to Prime Minister Mark Carney in what appeared to be a shift from his previous misidentifications of Canadian leaders.
Spring Financial’s president and CEO, Tyler Thielmann, pointed to broader economic challenges. For example, inflation and high housing costs also contribute to financial anxiety for many. He highlighted that the prospect of new tariffs only amplifies concerns, warning their effects on daily expenses may soon become apparent.
In response, a majority of Canadians (80 per cent) are more likely to buy domestically made products. However, while consumer sentiment favours supporting Canadian businesses, slightly fewer respondents (72 per cent) expressed willingness to pay higher prices for local goods.
Despite the financial apprehension, 59 per cent of Canadians believe they could manage the higher costs resulting from tariff impositions. This resilience is particularly evident in Quebec (69 per cent) and British Columbia (63 per cent). On the other hand, Saskatchewan residents reported the lowest levels of confidence, with only 38 per cent stating they are prepared for the impact of the tariffs. Furthermore, 42 per cent of respondents from Saskatchewan indicated they were not financially prepared for rising costs. 70 per cent stated they had shifted towards buying more Canadian products.
Saskatchewan’s heavy reliance on trade with the U.S. plays a significant role in these findings. The province exports over $45 billion in goods annually, with more than half of these exports bound for American markets. Key products such as crude oil, potash, and canola contribute substantially to Saskatchewan’s economy, making it particularly vulnerable to shifts in trade policy.
As the trade situation continues to evolve, Canadians remain on edge about how tariffs may affect their daily expenses. With many already struggling with inflation and housing affordability, any additional strain on consumer costs could further challenge economic stability across the country.
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