Canada's big banks are expected to have shored up loan loss reserves in the second quarter, with four of the big six banks putting aside over C$1 billion to shield against potential loan defaults in a time of trade uncertainty.

The federal government and policy experts say potential impacts from Trump's order, including supply shortages and higher prices, won't hit Canada anytime soon, if at all.

Prime Minister Mark Carney and Canada's department of finance have announced a major income tax cut promising billions of dollars in savings.

P.E.I. specifically has the lowest retention rate in Canada, though the situation is slightly improving, according to the province's population framework released last year. The three-year retention rate for immigrants to P.E.I. rose from 33.3 per cent in 2017 to 43 per cent in 2021.

Oxford still sees the Canadian economy slipping into recession this year, but it upgraded its growth forecast to 0.9% for this year and 0.3% next year. Government spending should soften the blow of the trade war, the firm said. It’s forecasting that the rate of inflation will briefly rise to 3% in 2026, but should quickly ease.

U.S. President Donald Trump has signed a new executive order that he says will make drug prices go down in the United States, and up elsewhere in the world – including possibly Canada. The U.S. has by far the highest drug prices in the world, with average list prices about three times that of the next most-expensive countries.