Donald Trump's public criticism of Justin Trudeau after the G-7 Summit this past weekend did more than piss off a ton of Canadians. The Canadian Dollar plummeted against its major peers, after Trump put Trudeau on blast for being "dishonest and weak," among many other things.  

One expert says that "the Canadian dollar is a notable loser following the new low in U.S.-Canadian trading relations." In regards to the highly-anticipated NAFTA negotiations, the expert says that they will "almost certainly have a much harder edge to them following Trump’s early departure from the G-7 summit and castigating tweets aimed at Canadian Prime Minister Trudeau."

Believe it or not, all of this actually has a direct impact on your bank account. The worse our dollar is, the more Canada has to spend on imported goods from the United States and other countries.

Unfortunately for us, many of our everyday essentials come from the U.S., and our plummeting dollar is driving up the retail cost of those essentials. 

Via Zeljkokcanmore

Last year, Canada spent $24 billion USD on agricultural products from the United States, which line the shelves of your local grocery store and - most likely - your fridge. Some of these imported goods include:

  • Prepared food and ready-made meals
  • Fresh vegetables
  • Fresh fruit
  • Snack foods
  • Juice
  • Soda

Other major factors are ravaging your bank account in ways you probably don't even realize. Because of the integrated North American gasoline market, every time the Canadian dollar drops in value we pay even more at the pump. 

Via Photopal604

The U.S. is also our biggest supplier of vehicles, electrical machinery, and plastics, meaning that businesses and manufacturers are suffering just as much. 

For more information on trade between the U.S. and Canada, click here

Source: Market Watch 

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