• Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

"We’re taking that right on the chin,” Gilbert tells the magazine, explaining that he would have to pay tariffs on the fertilizer and farm equipment he buys too.

Gilbert's comments quickly went viral on Reddit subreddit r/Canada, where sympathy from Canadians was in short supply.

"How can an adult believe that the president of one country could force an exporter in another country to pay a tax on his or her behalf? How would that even work?" says one user.

Gilbert is hardly alone as Trump's international trade war continues on. Many industries, including manufacturing and construction, are seeing rising costs. Consumers aren't safe either.

The average family is expected to pay an estimated $3,800 more a year for groceries, clothing, furniture, cars and more.

Cars in particular are expected to see a 15% to 20% increase in prices.

With costs climbing across the board, economists are sounding alarms over rising recession risks. At the Canadian border, The Atlantic asserts the recession is already here.

Sponsored

Meet your retirement goals effortlessly

The road to retirement may seem long, but with Advisor, you can find a trusted partner to guide you every step of the way

Advisor matches you with vetted financial advisors that offer personalized advice to help you to make the right choices, invest wisely, and secure the retirement you've always dreamed of. Start planning early, and get your retirement mapped out today.

Rudro is an Editor with Moneywise. His work has appeared on Yahoo Finance, MSN Money and The Financial Post. He previously served as Managing Editor of Oola, and as the Content Lead of Tickld before that. Rudro holds a Bachelor of Science in Psychology from the University of Toronto.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.

†Terms and Conditions apply.