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Toronto-Dominion Bank
Symbol TD
Shares Issued 1,748,517,496
Close 2024-11-07 C$ 78.74
Market Cap C$ 137,678,267,635
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FP/CP say TD sees Trump tariff plan hurting exports

2024-11-07 08:31 ET - In the News

The Financial Post reports in its Thursday, Nov. 7, edition that as Canadians react to Donald Trump's return to the White House, concerns are growing about his protectionist policies and their impact on Canada-U.S. economic relations. A Canadian Press dispatch to the Post reports that business leaders worry about Mr. Trump's promise of a universal 10-per-cent tariff on American imports, which a Canadian Chamber of Commerce report estimates could cost the Canadian economy about $30-billion annually. With over 77 per cent of Canadian exports going to the U.S., Canadian Manufacturers and Exporters chief executive officer Dennis Darby warns that Canada's manufacturing sector is particularly vulnerable to such tariffs. Mr. Darby says, "It's in the U.S.'s best interest, it's in our best interest, but most importantly for consumers across North America, that we're able to trade goods, materials, ingredients, as we have under the trade agreements." A report by TD economist Marc Ercolao says that fully implementing Mr. Trump's tariff plan could reduce Canadian export volumes to the U.S. by nearly 5 per cent by early 2027. Canada's retaliation could raise costs for domestic producers and lower import volumes.

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