Canadians worry about impact of trade wars as pessimism about economy deepens

Canadians worry about impact of trade wars as pessimism about economy deepens

Concerns about the impact of U.S. tariffs are contributing to a growing pessimism among Canadians about the economy, employment and their own financial situation.

The latest wave of the Survey on Employment and Skills finds that:

• 83% of Canadians are very or somewhat worried about the impact that U.S. tariffs might have on the Canadian economy.

• 47% of employed Canadians are very or somewhat worried about the impact that U.S. tariffs might have on their own job.

The dispute over trade and tariffs with the United States is only one factor contributing to a more pessimistic economic outlook that has emerged following the pandemic. The Survey on Employment and Skills finds that Canadians’ outlook on the economy and their own personal financial situation has been steadily worsening over the past few years. The more negative trends emerged following the peak of the COVID-19 pandemic, and long before the most recent U.S. presidential election.

Read the complete report

The Survey on Employment and Skills is conducted by the Environics Institute for Survey Research, in partnership with the Diversity Institute at Toronto Metropolitan University and the Future Skills Centre. Wave 8 of the survey of 5,603 adult Canadians was conducted online (in the provinces) and by telephone (in the territories) between March 12 and April 15, 2025.

The Survey on Employment and Skills is funded primarily by the Government of Canada’s Future Skills Centre / Le sondage sur l’emploi et les compétences est financé principalement par le Centre des Compétences futures du gouvernement du Canada.