Canada-U.S. trade war makes three-quarters of Canadians nervous about personal finances: Poll #CanadaFinance

Nearly three-quarters of Canadians responding to a new survey say the trade war with America makes them nervous about their personal finances. That figure rises to 80 per cent among Gen Z participants, and those earning less than $50,000 per year.

Vancouver-based lending firm Spring Financial conducted an online survey of 1,500 Canadians between March 13 and March 17. According to the results, 74 per cent report feeling nervous due to “tariff threats.” Less than half (45 per cent) say they are confident in their understanding of how tariffs will impact their daily lives.

On Friday, U.S. President Donald Trump said he intends to levy tariffs on his trading partners on April 2, while hinting Canada may not be hit as hard as other countries.

Trump called his first conversation with Prime Minister Mark Carney “very productive.” In a post on the Truth Social platform, he referred to Carney as prime minister, a shift from repeatedly calling former prime minister Justin Trudeau “governor,” while openly questioning Canada’s sovereignty.

Spring Financial president and CEO Tyler Thielmann says ongoing tensions between Canada and its longtime ally and top trading partner have added to general concerns about the economy like rising prices due to inflation, and high housing costs.

“The economy has been increasingly difficult lately, and the tariff threats are only adding to the uncertainty,” Thielmann stated in a news release. “We’re likely going to start seeing the impacts of the tariffs on our daily spending soon.”

Most respondents (80 per cent) say they have made a conscious effort to buy more Canadian-made products in response to the tariff threats. However, only 72 per cent reported being willing to pay more to do so.

The survey found 59 per cent of Canadians believe they could withstand the increased cost of goods that will result from the tariffs. That sentiment was strongest in Quebec (69 per cent) and British Columbia (63 per cent).

Saskatchewan residents were found to be the least confident about how the tariffs will impact their lives (38 per cent). Respondents from this province were also least likely to feel financially prepared for rising costs (42 per cent), and reported the lowest levels of buying Canadian in response to recent tariff threats (70 per cent).

The U.S. is Saskatchewan’s largest trading partner. According to Statistics Canada, more than half of the province’s approximately $45 billion in annual international exports are destined for the United States. Last year, crude oil, potash, and canola products were the province’s top exports to America.