Canada 50% tariffs: How it would affect you

Talkin’ tariffs: How 50% tariff on Canada would affect you & impact of trade war on businesses, consumers

President Trump says he’ll impose a 50% tariff on Canada. Financial Advisor Dan Casey discusses the reasoning behind it and how it could affect you. Plus, Mike Musheinesh, CEO of Detroit Axle, takes a look at the broader impact of President Trump’s trade war

Michiganders are bracing for impact over the next month after President Donald Trump announced a 50% tariff on Canadian goods.

The new tariffs also bring into question the future opening of the Gordie Howe International Bridge between Windsor and Detroit.

Trump Canada tariffs

Big picture view:

On Monday, President Donald Trump announced 50% tariffs on a wide range of goods imported from Canada after what the administration described as "discriminatory treatment" of American-made cars, alcohol and dairy products.

Timeline:

The White House said in a fact sheet that the tariffs would go into effect in 30 days, meaning there is time for negotiations as Trump has not always followed through on his announced tax hikes on imports.

Michigan affected

Getty Images

Dan Casey, a financial advisor with Panic Proof Retirement spoke to FOX 2’s Roop Raj on The Pulse about the impact Detroit and Michiganders could feel from the tariffs.

Previously:

He cited a study from the Federal Reserve earlier this year that found tariffs in 2025 cost lower income families an extra $400 a year, middle income families about $1,400 a year and higher income families about $7,000 more per year.

What they're saying:

Casey said we’ll feel the tariffs on dairy products and on transportation.

"Kind of related to previous tariffs, insurance costs, right. Car prices, not necessarily the sticker price but the automobile dealerships have ways of, you know, increasing transportation fees and things like that," he said. "So it’s coming up in just all sorts of ways and repairs; if you’re buying a used car, it’s now the cost of repair is going up."

Look ahead:

"The midterm election is a dangerous thing for the market," Casey said. "There’s a 70% chance that there’s at least an 18% correction in the market in the year of a midterm election. So that, along with the new Fed chair, they’d like to get tested by the market too in these tariffs. It’s just, it’s going to be a tumultuous 2026.

You can hear more from the conversation and from a Detroit CEO who’s challenging Trump’s actions on the latest episode of "The Pulse" here.

"The Pulse" airs on FOX 2 and streams on FOX Local weeknights at 7 p.m. and 11:30 p.m.

Gordie Howe Bridge opening

Gordie Howe Bridge opening celebration canceled amid tariffs

Executive staff with the Windsor-Detroit Bridge Authority said they had been busy preparing the logistics for the upcoming ribbon-cutting ceremony celebrating the opening of the Gordie Howe International Bridge. But Canada has canceled the joint celebration, citing trade threats made by President Trump.

Meanwhile:

The new bridge between Canada and Michigan is set to open next week, on Monday, July 27.

The backstory:

Gordie Howe International Bridge’s opening had been delayed earlier this summer after the Windsor-Detroit Bridge Authority said the two countries needed more time to resolve "outstanding issues."

The delay followed President Trump’s earlier threats to block the bridge’s opening, saying he wanted Canada to hand over at least half ownership of the new bridge to the U.S. government.

Big picture view:

Canada financed the bridge’s construction. The project was negotiated by Rick Snyder, the former Republican governor of Michigan, and work has been underway since 2018 and cost close to $4.4 billion.