Journalist: Trump’s tariffs will hurt both sides

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00:00I just want to put one other thing to you. If Trump tariffs do come in at what

00:05he's threatening for Canada, what does this really mean for industry in both

00:10America and Canada? Will they not both suffer from tariffs, especially when it

00:15comes to the autos? They definitely will suffer. A very interesting statistic is

00:20that 80% of goods that Canada exports goes south of the border. So it will

00:26definitely hurt the Canadian economy. But what you're seeing in liquor stores

00:30and in grocery stores is that either the proprietor is taking down American goods

00:38so they're no longer available, or there's such a push for Canadians to buy

00:43Canadian goods that I think that there will be a willingness to suffer for a

00:50certain period of time. How long, I don't know. But you also have to remember that

00:54when it comes to some of the energy needs, the U.S. gets a ridiculous

01:00amount of its energy needs from Canada. And I think that the U.S. will suffer

01:06and Canada will suffer. And I also think that at a certain point, this is where

01:12someone like Mark Carney will be able to come in and say, we need to cut a deal.

01:16And I think that Trump would also recognize that he needs to cut a deal.

01:21And I do think cooler heads would prevail, but I'm hopeful that it's not going to get to that point.