Hey there! Have you ever heard of tariffs? 🧐
A tariff is like a tax that one country puts on goods coming from another country. Starting on March 4, the United States plans to put a 25% tariff on goods coming from Canada. That’s a big deal!
So, what does this mean? Well, this tariff is expected to have a major impact on Canada’s economy, especially on the auto industry. 🚗🇨🇦
You might be wondering, why the auto industry? Canada and the US trade a lot of cars and car parts. With the new tariffs, it will become more expensive for Canadian cars and car parts to be sold in the US. This could lead to higher prices, fewer jobs, and other challenges.
Economists (people who study how money and goods move around) are warning that these tariffs could cause problems not just for Canada, but also for people who buy cars in the US. 😕
It’s a complicated situation, and many people are keeping an eye on what will happen next. We’ll have to wait and see how this affects everyone!
Reference(s):
cgtn.com
