Tariffs could lead to 160,000 job losses in second quarter: Conference Board
Half of the job losses will be in manufacturing
TORONTO — The Conference Board of Canada says U.S. tariff pressure will likely mean a sizable hit to jobs and the economy in the quarter ahead.
tap here to see other videos from our team.
Tariffs could lead to 160,000 job losses in second quarter: Conference Board Back to video
tap here to see other videos from our team.
The research group says that, assuming the tariffs and Canadian countermeasures stay in place for the whole second quarter, the economy could shrink by 5.4 per cent on an annualized basis and around 160,000 people could lose their job.
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
It says about half of the job losses will be in manufacturing as automotive exports drop by over 50 per cent and overall real exports fall by a third.
The Conference Board says the trade actions will also push inflation higher to 2.9 per cent in the quarter, but that weaker consumer confidence will help temper pricing pressure.
While there’s widespread uncertainty about the future of tariffs, the Conference Board is forecasting that tariffs will be lifted by the start of the third quarter to help lead to a notable 3.9 per cent economic expansion and a pickup in hiring.
It says its outlook for 2025 as a whole sees the economy expand by 0.9 per cent, down from its 1.5 per cent outlook a few months ago before the tariff threat materialized.
