By Daily Mail (U.S.) | Created at 2025-03-17 15:31:34 | Updated at 2025-03-18 02:50:18
11 hours ago
Plush Canadian mountain towns which used to be the preserve of the wealthy are now a bargain to visit thanks to the tanking Canadian dollar.
US tourists are flocking to luxury ski destinations like Banff and Lake Louise after realizing that Donald Trump's trade tariffs have weakened our northern neighbor's currency.
Nashville native Shaun Krilanovich said the exchange rate has made his family ski trip to the gorgeous Alberta resort town of Banff 'significantly' cheaper.
'Going to places like Colorado and Lake Tahoe, we're paying three to four times more than what we're paying there,' the Tennessee resident told CTV News.
'We're talking about coming back every single year now, just based on how affordable it is, and how great the people are.'
Home to ample national parkland with a skyline punctuated by the Rockies, Banff is one of Canada's premier locations for skiing, hiking, and chateau-style hotel stays.
Banff is located around 35 miles south-east of Lake Louise, a hamlet known for its turquoise, glacier-fed lake ringed by high peaks with winding hiking trails.
The tourism sector is one of the few industries in Canada benefitting from the current economy, with the tanking Canadian dollar, also known as the loonie, suddenly making the country more attractive to legions of US visitors.
Plush Canadian mountain towns which used to be the preserve of the wealthy are now a bargain to visit thanks to the tanking loonie amid the Ottawa-Washington trade wars
US tourists are flocking to luxury ski destinations like Banff and Lake Louise after realizing that Donald Trump 's trade tariffs have weakened the Canadian dollar
The Canadian dollar continued to weaken against the US dollar on Monday as tensions between the neighboring nations continue - but it's great news for American tourists planning on visiting Canada
The Canadian dollar is currently trading at 0.7 US dollars after investors bet that the Bank of Canada would continue its easing campaign this week.
President Trump has threatened annexation while launching a trade war against Canada, putting the country's economy under pressure.
Aaron Hurd, senior portfolio manager in the currency group at State Street Global Advisors, said the trade wars are making investment in the country riskier.
The price of oil, one of Canada's major exports, is also trading 1.1 percent lower at $66.28 a barrel on tariff uncertainty and rising output from OPEC+ producers.
In the latest move amid the increasingly bitter and costly trade war engulfing Washington and Ottawa, Canada hit back with a $21 billion in new tariffs targeting imports of US computers and sports gear.
The policy came hours after President Donald Trump's 25 percent tariffs on Canadian steel and aluminum went into effect.
Canada is the largest foreign supplier of both metals to the U.S.
Banff is located around 35 miles south-east of Lake Louise (pictured), a hamlet known for its turquoise, glacier-fed lake ringed by high peaks with winding hiking trails
Dominic LeBlanc, the Canadian Finance Minister, said on Wednesday that the list of products impacted by the new tariffs includes computers, sports equipment and cast iron products.
LeBlanc said: 'Today, I am announcing that the government of Canada, following a dollar-for-dollar approach, will be imposing, as of 12:01 a.m. tomorrow, March 13, 2025, 25 percent reciprocal tariffs on an additional C$29.8 billion ($20.7 billion) of imports from the United States.'
He added: 'This includes steel products worth C$12.6 billion and aluminum products worth C$3 billion as well as additional imported U.S. goods worth C$14.2 billion.'
Canada folded to Trump on Tuesday after he vowed the nation would pay a historically big 'financial price' for the electricity tariff it was imposing on parts of the U.S.
Ontario Premier Doug Ford reversed course and said he would cancel the 25 percent tariff on Canadian electricity supplied to northern states of Michigan, New York and Minnesota.
Trump agreed, after Canada backed down, not to double tariffs on Canadian steel and aluminum to 50 percent, meaning they will stay at 25 percent.
Canada's electricity tariffs implemented on Monday marked an escalation in the trade war and came in response to earlier tariffs from Trump.
The trade war between the U.S. and Canada continues after the northern neighbors announced a new wave of reciprocal tariffs after the 25 percent penalty on Canada's steel and aluminum went into effect this week
The Premier said he spoke with Commerce Secretary Howard Lutnick about the situation and they agreed to meet Thursday to discuss reciprocal tariffs that Trump wants to put in place on April 2.
'Ontario agreed to suspend its 25 percent surcharge on exports of electricity to Michigan, New York and Minnesota,' Ford said.
Amid the intensifying trade war, the president reiterated his call for the U.S. to bring Canada into the fold.
'Canada should honestly become our 51st state. we wouldn't have a northern border problem. We wouldn't have a tariff problem,' Trump said.
'Canada would be great as our cherished 51st state. You wouldn't have border problems. You wouldn't have anything.'
