The ongoing trade war between Canada and the U.S. is set to raise prices on various consumer goods across Canada, particularly food items due to their perishability. Analysts predict an overall increase in prices, with smaller selections of goods available as a direct consequence of U.S. tariffs imposed on Canadian imports. In retaliation, Canada has imposed its own tariffs on a wide range of U.S. products. Economists warn households can expect higher costs and a limited variety of goods in stores in the near future.
"We will see prices across the board going up," said Andreas Schotter, a professor of business at Western University in London, Ont. "I could imagine that on certain products you will see over the next few weeks, or even right now, an increase in prices."
Adelphe Ekponon, assistant professor of finance at the University of Ottawa, noted that food prices may be the first to take a hit because such items are perishable and can only be stored for a relatively short period of time. Still, he stated that eventually 'everything will be impacted.'
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