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Dan Ciuriak, senior fellow at the Centre for International Governance Innovation, said Canada’s retaliatory tariffs alone will boost consumer prices by about 0.2 percentage point. Canada’s annual inflation rate was 2.2 percent in May. 

Economic growth may also be boosted and jobs added as supply chains are rejigged. But eventually companies which have lost their U.S. market or been underpriced by new competitors could fail, sparking a chain reaction.

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