When U.S. President Donald Trump published an open letter to Prime Minister Mark Carney in late July, declaring his intention to impose a 35 per cent tariff on Canadian goods in the absence of a trade deal by Aug. 1, there was a brief moment of panic.

President Trump’s tariffs have changed numerous times since they were announced in April, as foreign leaders negotiate and try to secure exemptions.

Goldman Sachs estimates U.S. consumers now shoulder two-thirds of President Trump’s new tariff costs, with more companies planning to pass them on in the future.