Bank of Canada: By 2025, the United States' tariff rate on Canadian goods has increased by approximately 5 percentage points.

The Bank of Canada's monetary policy report estimates that this year, the effective tariff rate imposed by the United States on Canadian goods has increased by about 5 percentage points. Prior to Trump's return to the White House, trade between Canada and the United States was almost completely tariff-free due to the USMCA. The Bank of Canada estimates that Canadian exporters' compliance with the USMCA will reach 95%. The Bank of Canada predicts that if current tariffs are maintained, the annualized growth rate in the second half of the year will be 1%.