Americans are souring on
even as the U.S. president scrambles to find new ways to impose the levies after his defeat in the Supreme Court.
Trump’s main tariff tool was struck down last month when the court ruled the president did not have the authority
under the International Emergency Economic Powers Act.
The White House, however, has quickly moved on to new methods, including a
under the Trade Act for a 10 per cent tariff and
to support further penalties.
Treasury Secretary Scott Bessent has promised that these new tariffs “will result in virtually unchanged tariff revenue in 2026.”
“It was the tariff that made America strong and powerful in generations past and it is tariffs that are making our country stronger, safer and richer than ever before,” Trump wrote in a January
.
Americans, however, appear to have their doubts. Poll after poll is showing that increasing numbers believe that Trump’s favourite economic policy tool is damaging the economy and its citizens.
Inflation and the cost of living
have become top concerns in America and blame for rising prices has shifted “dramatically” in recent months, according to a consumer trends report by Resonate.
“Now at 39.3 per cent, President Trump has risen to the top of consumers’ lists when it comes to pointing fingers. The second most-popular cause among consumers, at 37.3 per cent, is tariffs and other trade policies,” said the survey late last year.
Corporate price gouging, long the leading source of blame, dropped significantly in the ranking.
More recently,
a poll commissioned by the Guardian newspaper
in the U.K. in February found that seven in 10 Americans blame Trump’s tariffs for higher prices, including 64 per cent of Republicans.
Most Americans, 72 per cent, also believe that the tariffs have had a negative rather than a positive impact and 67 per cent say tariffs are not the right solution for the economy.
Friday, a study by congressional Democrats made waves when it said if Trump succeeds in reinstating tariffs, import taxes will cost American households an average of US$2,512 in 2026, a 44 per cent increase from last year.
“As American families continue to struggle with high costs, the President keeps choosing to institute new tariffs that will push prices even higher,” said Democrat Sen. Maggie Hassan.
A White House spokesperson called the report “phoney.”
Americans also appear more likely to give Canadians a break than the hardline talk of their president would suggest.
If they had their way, 51 per cent of Americans say there would be no tariffs on Canadian goods entering their country, according to
a new poll by Angus Reid Institute
. This is up from the 42 per cent who said so in October 2024.
Despite Trump calling Canada “mean and nasty” in trade negotiations, three-quarters of Americans say they have a favourable view of their northern neighbour. More than half view Canada as “the most important” or a “very important” trading partner with the United States.
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Canada’s
Friday were described as brutal, but in Quebec they were so bad they broke records.
The province suffered a net loss of 57,300 jobs, which wiped out the cumulative gains of the past 14 months, said
Sonny Scarfone, principal economist at Desjardins Group.
That is the sharpest monthly drop since records began in 1976, outside of the pandemic, and the biggest provincial drop.
Still it’s not all bad. Quebec’s unemployment rate did rise, but at 5.9 per cent it is still well below the national average of 6.7 per cent. In fact, Quebec has the third lowest jobless rate among the provinces, behind only Saskatchewan and Manitoba.
- Today’s Data: Canada inflation for February and housing starts, United States industrial production, capacity utilization and NAHB housing market index
- Earnings: Dollar Tree Inc.
- Canadians’ average wealth hit $1.07 million, but what’s driving net worth depends on your age, province and bracket
- Garry Marr: The pros and cons of doling out inheritance with a warm hand
- How the war in Iran is fundamentally shifting the outlook for mortgage rates
Canadians’ household net worth rose by six per cent year-over-year in the third quarter of 2025 to hit $18.4 trillion, according to the latest data from Statistics Canada.
On average, this amounted to $1.07 million per household, with nearly half of this wealth concentrated in real estate. However, a closer look at the data reveals assets, liabilities and net worth gains look very different depending on age, wealth status or even province of residence.
In the latest quarterly
, Serah Louis breaks down which assets are driving some households forward and the liabilities holding other households back.
Interested in energy? The subscriber-only FP West: Energy Insider newsletter brings you exclusive reporting and in-depth analysis on one of the country’s most important sectors.
McLister on mortgages
Want to learn more about mortgages? Mortgage strategist Robert McLister’s
can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his
for Canada’s lowest national mortgage rates, updated daily.
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Today’s Posthaste was written by Pamela Heaven with additional reporting from Financial Post staff, The Canadian Press and Bloomberg.
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