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ARTICLE · 13 FEBRUARY 2025

Preparing For Tariffs: Workforce Planning During Economic Slowdown

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Canada has spent the past two years recovering from high interest rates and elevated inflation which produced down years in terms of economic output.

CanadaEmployment and HR
Andrew Gould
Andrew Gould
Clayton Jones
Clayton Jones
Florence Gauthier
Florence Gauthier
Rachel Younan
Rachel Younan
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Canada has spent the past two years recovering from high interest rates and elevated inflation which produced down years in terms of economic output. Going forward, the Canadian economy faces uncertainty in the face of a potential federal election, a new US presidential administration, and international trade disputes.

On February 1st 2025, the U.S. Trump administration announced it would be putting 25% tariffs into place on Canadian goods (10% on energy exports), effective February 4, 2025. In response, the Canadian government announced it would be putting countermeasures into place, beginning with 25% tariffs on $30 billion in U.S. goods, also effective February 4, 2025. Both governments have stated that these changes to the tariff amounts and further measures are possible.

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