How U.S. tariffs may affect you

As America imposes tariffs on Canadian trade, many Albertans are wondering what this means for their daily expenses, job security, and financial well-being. The uncertainty affects everything from the cost of groceries to overall economic stability. Understand how these changes could impact you—and what steps you can take to stay ahead.

How Tariffs May Affect You

• Rising costs of everyday goods: Tariffs increase the cost of imported materials like steel, aluminum, and agricultural products, making everything from cars to groceries more expensive. If businesses pass these higher costs onto consumers, you could see price increases on food, electronics, vehicles and household essentials.
• Job security in trade-dependent industries: Many Albertans work in energy, agriculture, and manufacturing—sectors heavily tied to US trade. If tariffs slow exports, businesses may cut back on hiring, delay expansion plans or even reduce staff. Small businesses that rely on cross-border trade may also face higher costs and supply chain disruptions.
• The Canadian dollar and the cost of U.S. goods: Trade uncertainty often weakens the Canadian dollar, making travel to the US and online shopping from American retailers more expensive. A weaker loonie also raises the price of imported goods, including many groceries and electronics.

How to Prepare

• Whenever possible, shop local: Locally produced goods may be less impacted by tariffs, supporting both your wallet and Alberta businesses.
• Review your budget for inflation: If prices on essentials rise, reviewing your budget and cutting spending whenever possible can help.
• Plan big purchases wisely: If you’re considering a major purchase (like a vehicle or appliance), timing your buy before potential price increases could save money.
• If possible, build an emergency fund: A savings buffer of three to six months’ worth of expenses can provide financial stability in case of uncertainty.

We’re Here to Help You Prepare

Trade uncertainty is challenging, but with proactive financial planning, you can stay ahead of rising costs and make smart financial decisions.

Whether you're seeking a mortgage specialist, a tax specialist, a payroll specialist or other type of expertise for your business or personal banking needs, ATB’s network of financial experts is ready to help: Book an appointment with an ATB team member today.