Canada would suffer the most economic damage under Trump's tariffs, new Yale report shows

Trump's tariffs could shrink Canada's economy by 2.1% in real terms.

Carlos Osorio/REUTERS

• Trump's tariffs could shrink Canada's economy by 2.1% in real terms, says The Budget Lab of Yale.
• Canada faces a 35% tariff threat by August 1, on top of tariffs on potash, steel, and automobiles.
• The US ranks second in terms of economic damage due to tariffs, the Budget Lab report shows.

The US's second-largest trading partner may be bearing the brunt of President Donald Trump's tariffs.