The Globe and Mail reports in its Wednesday edition that Canadians should harbour no illusions about what lies ahead. Guest columnist John Rapley writes that Canada sends 75 per cent of its exports to the United States and sources 33 per cent of all its imports from there. High tariffs will cause economic dislocation -- dashing dreams, costing some their homes, halting careers and undermining living standards in the short term if not permanently. Neither fighting words, old friends nor catchy slogans will solve this. Markets are forward-looking, and what they see is telling. The S&P/TSX has erased all 2025 gains. Bankers see trouble, too. Bank of Montreal has told mortgage brokers that it has a "limited appetite" for lending to Canadians working in large swaths of the economy, given the implications of U.S. tariff policies. This includes sectors such as construction, transportation, leisure and entertainment, retail sales, banking, finance, manufacturing, farming, natural resources, wholesale trade and utilities. Canadians will be called on to endure hardships that recent generations have not seen before. If high U.S. tariffs persist, RBC Economics suggests it "could wipe out Canadian growth for up to three years."