Sweeping Tariffs Could Be 3% Hit to Canadian Economy, Even With Carve-Outs: Report

Bay Street in Canada's financial district is shown in Toronto on March 18, 2020. The Canadian Press/Nathan Denette

A CIBC report says sweeping tariffs imposed by the U.S. could cost the Canadian economy as much as 3.25 percent, even factoring in possible exemptions for the oil and gas sector.

An analysis published Tuesday examined four potential scenarios in which U.S. President Donald Trump slaps new taxes on goods imported from Canada, ranging from 10 to 20 percent and with possible carve-outs for key industries.