Canada’s Economy Headed for ‘Modest Downturn’ This Year Due to Tariffs: Deloitte

An employee works on the production line at the Martinrea auto parts manufacturing plant in Woodbridge, Ont., on Feb. 3, 2025. The Canadian Press/Chris Young

Canada’s economy will see a drop in investment and an increase in unemployment this year due to U.S. tariffs, a new report from Deloitte Canada suggests.

The company’s annual economic statement released on April 30 forecasts the impact of U.S. tariffs on the country’s economy for the next year.