Despite a temporary reprieve, the threat of economic havoc still hangs over Canada and, in particular, Ontario, which ranks third in the world for U.S. imports and will be significantly impacted if the 25 per cent tariffs do come into effect.

Bank of Canada Governor Tiff Macklem said on Thursday a policy shift in the U.S. was causing uncertainty and President Donald Trump's tariff threats were already impacting businesses and households.

The 30-day reprieve from Trump tariffs announced this week may have come as welcome news for consumers and businesses alike. But ongoing uncertainty will continue to weigh on investments and should be a wake-up call for policymakers and businesses,