Tariffs have become a growing concern for many Canadians, as trade tensions and policy changes impact the cost of living, job security, and overall economic stability. With Canada’s economy deeply tied to international trade—particularly with the U.S. and China—higher tariffs can create ripple effects that affect everything from grocery bills to employment opportunities. This uncertainty can contribute to financial stress and anxiety, making it essential to develop strategies for coping.
Why Do Tariffs Cause Anxiety for Canadians?
- Rising Costs of Goods: Many consumer products in Canada, including food, electronics, and vehicles, rely on imports. Higher tariffs mean increased prices for everyday essentials.
- Impact on Jobs: Industries such as manufacturing, agriculture, and retail may suffer from retaliatory tariffs, leading to job losses or wage stagnation.
- Economic Uncertainty: Trade disputes, particularly between Canada and the U.S., create instability, leaving many Canadians worried about the long-term economic outlook.
How to Manage Tariff-Related Anxiety
- Stay Informed, But Avoid Overconsumption of News: While it’s important to be aware of trade policies and economic trends, constantly checking news updates can increase stress. Set limits on news consumption and rely on reputable sources.
- Strengthen Financial Resilience: Build an emergency savings fund, reduce unnecessary expenses, and explore ways to diversify income, whether through side gigs or upskilling.
- Understand Government Support Options: Canada offers various financial assistance programs, tax credits, and subsidies that can help offset rising costs. Staying informed about these resources can provide reassurance.
- Seek Community Support: Economic uncertainty can feel isolating. Talking to family, friends, or financial advisors can help you feel more in control and supported.
- Practice Mindfulness and Stress Reduction Techniques: Engage in activities like meditation, exercise, or journaling to manage stress and maintain a sense of stability.
While tariffs and trade policies are beyond individual control, how we respond to them is not. By staying proactive and focusing on financial and emotional well-being, Canadians can navigate economic uncertainty with greater confidence and resilience.
If you need to talk with someone, at NewVista Psychology, our team of experts are there to help you with anxiety and other mental health related issues. We have two locations at the North and South of Calgary.
To find out more about our clinic and locations, please visit https://newvistapsychology.com/
