From February 21 to 23, 2025, we surveyed Canadians and Americans on the economy, personal finances, and tariffs.
The majority of Canadians (83%) are concerned that President Trump may use measures such as tariffs and trade sanctions to push Canada into a closer and more formal economic relationship with the United States. In response, 73% support a policy where the Government of Canada matches any tariffs imposed by the U.S. on a dollar-for-dollar basis. Support is higher among liberal voters (91%).
On the other hand, only one-third (33%) of Americans are in favor of Trump’s administration imposing tariffs on products imported from Canada, and half (49%) think that it will negatively impact the U.S economy. More Americans are now in favor of imposing tariffs on other countries, notably China. Half of Americans (50%) are in favor of imposing tariffs to China, a 6-point increase since last week.
Two-thirds of Canadians have reduced their purchases of American products, both in stores (66%) and online (63%). Additionally, 70% report increasing their purchases of Canadian-made goods, which is a 2-point increase from last week.
More than eight out of ten Canadians (84%) believe that consumer prices have increased in the past few weeks. This represents a 4-point increase since last week.
Canadians have mixed views on the U.S.: 27% see it as an enemy, 31% as an ally, and another 27% as a neutral nation. Conservative voters are more likely to think that the U.S. is an ally (48%). Meanwhile, a majority of Americans (56%) consider Canada an ally.
Almost two-thirds of Canadians consider their household finances to be in good shape (63%), with 9% rating them as very good and 54% as good. In contrast, 55% of Americans consider their finances to be good.
42% of Canadians who are currently employed fear losing their job within the next 12 months. This represents a 3-point increase since last month, and a 6-point increase since January 2025,
Moreover, 44% of Canadians report living paycheck to paycheck. The proportion of Americans saying they are living paycheque to paycheque is still much higher, with 57% of respondents saying they do.
Half of Canadians (53%) believe the country is in an economic recession, a 3-point increase since last week. This proportion is lower in the United States (49%).
Methodology
This web survey on the economy was conducted from February 21 to 23, 2025, with 1,534 Canadians and 1,007 U.S. residents, 18 years of age or older, randomly recruited from LEO’s online panel.
A margin of error cannot be associated with a non-probability sample in a panel survey. For comparison purposes, a probability sample of this size yields a margin of error no greater than ±2.50%, (19 times out of 20) for the Canadian sample and ±3.08%, (19 times out of 20) for the American sample.
