As the Canada-US trade war ramps up with Ontario Premier Doug Ford announcing a 25 per cent charge on electricity and President Donald Trump doubling steel and aluminum tariffs, Humber students find themselves worrying about their financial situations.
Trump recently went on record stating that Ontario will “pay a financial price” for causing what he declared a “National Emergency on Electricity” in the states affected shortly before going on a rant about making Canada a “cherished Fifty First State.”
Parked Minooei, a graduate student in Web Development at Humber Polytechnic, hopes the trade war will be temporary, possibly going away or being reduced when Trump is no longer in office.
“I don’t think America can put tariffs on everybody and expect to live with that,” he said.
While there is a worry about the effects tariffs can have on the cost of living, Minooei wants to see how the retaliatory measures help Canadians and could help ease his uncertainty about the future.
“We make money from [tariffs] too, right? It’s both ways, so we might get opportunities like domestic jobs being created to replace American products,” he said. “So it might be beneficial but I’m worried expenses like food might increase.”
But given the recent stock market crashes, Minooei is quite frank and bleak in his short-term predictions.
“I think we’re going to hit recession because of the tariffs, so [the market] might go down for a couple of weeks,” he said.
Second-year Graphic Design student Drake Hendrickson holds a very displeased attitude towards the trade war.
“It’s lame. Unfortunately, we’re going through it right now,” he said. “In the long run if one [country] wins the trade war it would be good for their economy but it’s not good for everyone dealing with it right now.”
Hendrickson has not kept up with the stock market drops but worries about how it will affect his finances and future savings.
“Our markets are not the best right now, with the housing market being in the trash,” he said.
Minooei agrees the housing market is terrible and the near future does not look bright for his finances.
He is a Liberal and supported Justin Trudeau, and thinks the party does well generally with the economy, but not with housing.
“They kind of messed up on housing. After school’s finished, I want to buy a house but I can’t afford one,” he said. “[But] I think they’re really trying to do what is best for Canada.”
Both Minooei and Hendrickson agree that the party with a leader who has a strong plan to deal with the financial crisis and trade war would go a long way in gaining their vote. Minooei has already decided the Liberal Party fits that description.
The federal Liberals elected Mark Carney as leader this past weekend.
