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Deloitte Canada cuts GDP forecast by 20% as tariffs grip economy amid Trump's trade war

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Lagerquist, J. (2026, September 29). Deloitte Canada cuts GDP forecast by 20% as tariffs grip economy amid Trump's trade war. CBC News. https://www.cbc.ca/news/business/trump-gdp-canada-9.7362091?cmp=rss

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CBC News · collected 2026-09-29 · by Jeff Lagerquist

Quick Summary

Deloitte Canada reduced its 2027 GDP forecast for Canada by 20% to 1.6%, citing impacts from U.S. tariffs and a deteriorating business environment. The firm expects a sharp economic slowdown in the fourth quarter of this year and early next year due to escalating trade tensions between Canada and the United States. Chief economist Dawn Desjardins noted that while some sectors will be hit hard, others may see growth and job creation, influenced by federal government initiatives.
Written by AI on 2026-09-29, from this article's own text only (the story summary below draws on all the coverage).

AI analysis

Story summary

Deloitte Canada has reduced its 2027 GDP forecast for Canada by 20%, citing the impact of ongoing trade tensions with the United States. The firm's chief economist, Dawn Desjardins, warns that the new American tariffs on specific Canadian imports will lead to a sharp economic slowdown in the fourth quarter of this year and into early 2027. While some sectors will suffer due to increased costs, others may benefit from federal government initiatives such as fiscal supports and defense spending. The trade war is expected to impose billions of dollars in losses on Canadian businesses and consumers, leading to uneven economic impacts across different industries.

Written for “US Tariffs Impact Canada Economy” on 2026-10-30, grounded in this article and the 0 other(s) covering the same event.

Story

📰 US Tariffs Impact Canada Economy
Economy/Business · 1 article(s) covering the same event.

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How this article was measured signals, leaning charts, publisher record, byline, topics and claims

Signals How these are calculated →

Claims extracted
16
sentences that state something as happening or true
Uncertain
0%
0 of 16 hedged ("reportedly", "may", "according to")
Leaning
Leans left
of the writing, not the subject · beta estimate
Publisher signals
74/100
CBC News's corrections and hedging, across everything collected from it. Not a measure of accuracy.
Outlets on this story
1
Economy/Business
Same framing elsewhere
1
articles that frame the event the way this one does
Analyzed 2026-09-29 · how these are computed

How this is being covered How these are calculated →

Article leaning vs. publisher reliability
Source leaning vs. consistency

Publisher

CBC News · 1730 article(s) · 5 correction(s) detected
Running correction rate · 5 correction(s)

Who wrote this

Jeff Lagerquist
19 article(s) here · 1 carrying a prediction
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🔮 Deloitte Canada cuts GDP forecast by 20% as tariffs grip economy amid Trump's trade war
Also by Jeff Lagerquist
Nothing else under this byline is closely related to this article, so these are simply their most recent.
All 19 articles by Jeff Lagerquist →

Topics

American Canada Canadian Deloitte Deloitte Canada

Subjects

Canada GPE · 6× Canadian NORP · 3× Deloitte ORG · 3× Deloitte Canada ORG · 2× Desjardins ORG · 2× American NORP · 1× CBC News ORG · 1× Dawn Desjardins PERSON · 1× Trump PERSON · 1× U.S. GPE · 1×

Narrative

Fallout of recent trade escalations likely to cause sharp economic slowdown in Q4 and early 2027, firm says Deloitte Canada has shaved 20 per cent off its growth forecast for Canada's economy in 2027, citing increasingly tough conditions for consumers and businesses.
framing: assertive · carried by 1 article(s) · first seen 2026-09-29
🔮 Deloitte Canada cuts GDP forecast by 20% as tariffs grip economy amid Trump's trade war

Claims (16 extracted, 0 hedged)

Deloitte Canada cuts GDP forecast by 20% as tariffs grip economy amid Trump's trade war asserted
tariffs → cut → war
Fallout of recent trade escalations likely to cause sharp economic slowdown in Q4 and early 2027, firm says Deloitte Canada has shaved 20 per cent off its growth forecast for Canada's economy in 2027, citing increasingly tough conditions for consumers and businesses. asserted
Canada → cause → consumers
The accounting firm's latest outlook comes as a new American ban on select Canadian imports took effect on Tuesday. asserted
ban → come → Tuesday
Deloitte sees the fallout of recent escalations in the Canada-U.S. trade war causing a sharp economic slowdown in the final quarter of this year and into early 2027. asserted
fallout → see → 2027
Chief economist Dawn Desjardins says the weight of billions of dollars in U.S. tariffs and Canada's reciprocal measures will not fall evenly across the Canadian economy, hitting some sectors hard, while others prosper. asserted
others → say → sectors
At the same time, the federal government's fiscal supports, investment initiatives and defence spending are positive signals for targeted growth, she said. asserted
she → target → growth
"For some, it's a little bit like the Earth is moving under their feet — and not in a positive way. asserted
Earth → move → way
While in other sectors, I think we can anticipate growth and job creation," Desjardins told CBC News in an interview prior to the report's release on Tuesday. asserted
Desjardins → think → Tuesday
Deloitte's latest economic outlook for Canada calls for GDP to grow 1.6 per cent in 2027. asserted
GDP → call → 2027
In late June, the firm said it expected two per cent GDP growth next year. asserted
it → say → growth
Deloitte currently sees Canada's economy growing by 0.9 per cent in 2026 — a slight improvement from its June estimate of 0.7 per cent. asserted
economy → see → cent
"It's so uncertain when we think about all the factors the Canadian companies are facing, whether it's the prospect of higher costs, the prospect of more friction with our largest trading partner or perhaps even higher interest rates. asserted
it → think → partner
All these factors are just creating a very uncertain environment," Desjardins said. asserted
Desjardins → create → environment
"As a result, we do think that the economy probably is going to be on a slower growth trajectory." Canada's economic growth flat in July On Tuesday, Statistics Canada reported that GDP for July was flat from the previous month. asserted
GDP → think → month
"The goods-producing industries grouping was essentially unchanged in July, as increases in construction and utilities were offset by declines in the other sectors comprising the aggregate," the agency stated. asserted
agency → produce → aggregate
"The services-producing industries aggregate was essentially flat, as increases across several sectors were offset by declines in retail trade and wholesale trade." asserted
increases → produce → trade
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