About a year ago, there was a boycott on the Loblaws supermarket chain in protest of their boasting record profits at a time when grocery inflation was out of control. It lasted about a month before kind of fizzling out.
But I think by comparison, this buy Canadian movement has legs. It’s a major nationwide shift in people’s spending habits. And the key word here may be habits. Let’s say for argument’s sake that after 4 years of Trump, a new administration comes in and repeals all the tariffs. By that time, people will have settled into alternate brands across a wide range of consumer goods, and it may be difficult to convince them to switch back again. There’s a certain inertia in human behaviour. So the effects of this could potentially go on quite a bit longer than the tariff war.
I can’t find where I read this now, but my recollection is that in the previous round of tariffs, China not only implemented tit for tat counter-tariffs which I imagine Trump had been expecting, but took some additional measures like export controls on rare earths. Like it or not, they basically own the global market and Trump had no answer to that other than to threaten even more tariffs. And here we are.