Stock market today: S&P 500 in weekly loss as trade war fears intensifyy
Investing.com -- Canadian enthusiasm for retaliatory tariffs against the United States is showing signs of erosion, according to a new poll conducted by Nanos Research Group for Bloomberg News. While a majority still back trade counter-measures, support has declined notably from earlier in the year.
The survey found that 70% of Canadians support imposing tariffs on U.S. goods even if it means higher prices for domestic consumers, down from nearly 80% in January. The intensity of this backing has also softened, with only 44% now expressing unqualified support, compared to 55% at the start of the year.
Meanwhile, the share of respondents who "somewhat support" retaliatory tariffs increased to 29% from 24%, revealing a shift toward more conditional approval. Opposition levels have crept up as well, with 13% somewhat opposing the measures and 12% fully opposed.
“Further uncertainty and new tariffs on Canadian goods by the US will reinforce appetite for a Canadian tariff response,” said Nik Nanos, founder of Nanos Research. The reading suggests Canadian attitudes may remain volatile in response to developments in the fractious U.S.-Canada trade relationship.
Prime Minister Mark Carney’s government scaled back a portion of its counter-tariff regime in April, maintaining roughly 70% of its earlier measures. The current tariff structure includes 25% duties on approximately C$42 billion ($31 billion) worth of U.S. imports, as well as a range of levies targeting auto products.
Despite U.S. President Donald Trump’s decision last week to double tariffs on Canadian steel and aluminum, Ottawa has not introduced new retaliatory actions. Carney indicated that while he views recent trade discussions with Washington as constructive, Canada is prepared to respond if necessary.
The latest Nanos poll surveyed 1,120 Canadians between June 1 and 3, providing a margin of error of 2.9 percentage points, 19 times out of 20. The result underscores a population that is still largely supportive of trade defense, but increasingly mindful of economic costs.
As negotiations continue, the Carney administration faces pressure to balance political resolve with economic pragmatism at home. The longevity of Canadian support for counter-tariffs may hinge on both policy decisions in Washington and tangible progress in restoring stable cross-border trade.