{"id":31890,"date":"2025-07-29T13:26:08","date_gmt":"2025-07-29T13:26:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/31890\/"},"modified":"2025-07-29T13:26:08","modified_gmt":"2025-07-29T13:26:08","slug":"customs-tariffs-spike-as-canadas-deficit-doubles-early-in-2025-26","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/31890\/","title":{"rendered":"Customs tariffs spike as Canada\u2019s deficit doubles early in 2025\u201326"},"content":{"rendered":"<p paraeid=\"{d07d523b-e362-4379-9d92-8a2a83ef2f95}{102}\" paraid=\"114441729\" xml:lang=\"EN-US\">As reported by the Fraser Institute on July 22, the Liberal platform from April\u2019s election campaign projected a $62.3bn deficit for the fiscal year\u2014roughly $20bn more than the Trudeau government\u2019s previous forecast. \u00a0<\/p>\n<p paraeid=\"{d07d523b-e362-4379-9d92-8a2a83ef2f95}{96}\" paraid=\"62511527\" xml:lang=\"EN-US\">The platform included increased spending on infrastructure, CBC programming, and seniors\u2019 benefits, as well as <a href=\"https:\/\/www.wealthprofessional.ca\/news\/industry-news\/nine-in-10-business-firm-heads-demand-tax-reform-to-spur-canadian-investment\/389578\" rel=\"noreferrer noopener nofollow\" target=\"_blank\">tax policy changes<\/a> that reduced expected revenue from capital gains, personal income, and GST for first-time homebuyers.\u00a0<\/p>\n<p paraeid=\"{41c97073-85c0-401e-bd33-9e741c0d7beb}{73}\" paraid=\"77695311\" xml:lang=\"EN-US\">In addition, Prime Minister Mark Carney\u2019s government committed to raising defence spending to 2 percent of GDP in response to US pressure, adding $9.3bn in new spending this fiscal year. \u00a0<\/p>\n<p paraeid=\"{d07d523b-e362-4379-9d92-8a2a83ef2f95}{139}\" paraid=\"53703585\" xml:lang=\"EN-US\">The cancellation of the digital services tax was estimated to cost $1.2bn in lost revenue. \u00a0<\/p>\n<p paraeid=\"{d07d523b-e362-4379-9d92-8a2a83ef2f95}{166}\" paraid=\"1938767791\" xml:lang=\"EN-US\">The <a href=\"https:\/\/www.fraserinstitute.org\/commentary\/carney-setting-stage-massive-deficits-year-and-beyond\" rel=\"noreferrer noopener nofollow\" target=\"_blank\">Fraser Institute<\/a> said that these changes put the projected federal shortfall above $70bn for the year.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"As reported by the Fraser Institute on July 22, the Liberal platform from April\u2019s election campaign projected a&hellip;\n","protected":false},"author":2,"featured_media":31891,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[49,48,24521,24520,24522,44],"class_list":{"0":"post-31890","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-canada","8":"tag-ca","9":"tag-canada","10":"tag-customs-tariffs","11":"tag-federal-deficit","12":"tag-gst-revenue","13":"tag-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/31890","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=31890"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/31890\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/31891"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=31890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=31890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=31890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}