Canadian voters swept economist Mark Carney into office this week, defeating conservative and Trump-aligned Pierre Poilievre and giving the Liberal party a hold on power for a fourth straight term. Just a few months ago, the Conservatives were widely expected to rout the Liberal party as Canadians soured on former Prime Minister Justin Trudeau’s leadership. But as Trump began talking annexing Canada and imposing tariffs, public opinion swung back towards Carney, who was viewed as more like to stand up to Trump.
“As I have been warning for months, America wants our land, our resources, our water, our country. But these are not idle threats. President Trump is trying to break us so that America can own us,” Carney said. “That will never ever happen.”
Trump’s new tariffs on Canada, part of his escalating trade war, were likely to raise prices no matter who had won. Here are some of the biggest U.S. imports from Canada, as listed by the detailed four-digit Harmonized Tariff System code level, that might become more expensive in the near future.
A report from the United States Congressional Energy & Natural Resources Committee notes that 60 percent of U.S. oil imports come from Canada. Consumer prices for gasoline, diesel fuel, and other petroleum products throughout the country could be affected by crude oil import tariffs, especially in regions most reliant on imports from Canada.
The report adds that crude oil typically is the largest retail price component for gasoline and diesel fuel. Higher crude oil costs, along with operational decisions influenced by lower refining profit margins, can be reflected in wholesale petroleum product prices, which are passed directly to consumers.
According to the United Nations COMTRADE database on international trade, the U.S. imported cars from Canada totaling $28.4 billion in 2024, accounting for about 12% of all cars sold in the U.S. Expect to pay thousands more for a car as tariffs kick in.
Canadians love their baked goods — and they ship a lot to the U.S., where people also love their baked goods. The U.S. Trade Representatives office reports that in 2024, Canada was the top supplier of U.S. baked goods imports, with a value of $5.4 billion. Be prepared for your favorite cookies and doughnuts to become an even guiltier pleasure.
According to the United Nations COMTRADE database, the U.S. imports over $2 billion worth of chocolate from Canada per year. Food prices will rise 2.8% from Trump’s tariffs according to Yale University’s Budget Lab estimates, but prices on some items will go even higher.
Over 99.5% of U.S. lobster imports and 98.8% of scallop imports came from Canada in 2024, according to research firm Tridge. The total value of these imports reaches $1.42 billion for lobsters and $84.8 million for scallops.
According to Impakter, Canada is America’s biggest supplier of toilet paper. The U.S. imported $275 in T.P. from its northern neighbor in 2023.
According to Bloomberg, the Trump administration’s tariffs on Canadian softwood lumber could disrupt the availability of northern bleached softwood kraft pulp, which is used in most toilet paper brands. If tariffs climb higher than 27%, sawmills may shut down, reducing pulp availability and leading to shortages and price hikes.
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