I am going to jump to a different topic. Donald Trump recently repeated his intention to impose high import tariffs if he is re‑elected. He has already proposed a 10% tariff on all imports. He is now talking about a 20% tariff and is even considering increasing it to 50%. For Chinese goods, the tariff would be set at 60%.
Given the importance of Canada-U.S. trade relations and the interwovenness of the global economy, what could be the effects of such tariff policies on the Canadian economy and Canadian monetary policy, particularly as we seek to maintain a low and stable inflation rate?