Bank of Nova Scotia

BNS: XNYS (USA)

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Raising Uncertainty Ratings for Our Canadian Bank Coverage Due to Tariff Concerns

Maoyuan Chen

Feb 3, 2025

On Feb. 1, the Trump administration announced a 25% tariff on Canadian goods and a 10% tariff on Canadian oil and gas goods. The Canadian government announced a retaliatory tariff later on Feb. 1, starting with 25% tariffs on CAD 30 billion of US products like beverages, cosmetics, and paper products (effective on Feb. 4) and on an additional CAD 125 billion of US goods including cars and trucks (effective in three weeks).

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Bank of Nova Scotia

Raising Uncertainty Ratings for Our Canadian Bank Coverage Due to Tariff Concerns

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