Trade war incoming.
Canada won't back down on this and will meet every tariff with additional tariffs. If we have to nuke our own economy for the next two years, we will. We will work in tandem with Mexico, the UK and the EU to make sure that our tariffs are focused hurt on red states and those who support Trump. This is extremely unfortunate for our economy but it would be political suicide for our leaders to do anything else, plus it would simply allow Trump to make further demands.
Worth pointing out that Trump has now made Chinese steel and aluminium more competitive than his own allies steel and aluminum. I guess this is Trumps and Sazs idea of confronting China - burning your bridges, sabotaging the WTO, NAFTA and the international Western alliance, while helping China make more money. All on tenuous national security grounds that any four year old would recognize as a morons attempt to apply pressure over other deals.
I suspect both Canada and the US will be losing several hundred thousand jobs over the short term. Hard to say if this will last or if adults are going to step in and get this figured out.