There are costs to tariffs. Some business owners see those imposed against Chinese imports as disastrous:

Canada’s Central Bank Warns Citizens to Prepare for ‘Lower Standard of Living’
Canadians were hit with another gut punch … after Bank of Canada Governor Tiff Macklem admitted the country’s economy is deteriorating and warned citizens to prepare for a “lower standard of living.”
During a Wednesday update in which Macklem also slashed Canada’s interest rate to 2.25 percent, the central bank chief effectively told working families that the days of prosperity are over.
“What’s most concerning is, unless we change some other things, our standard of living as a country, as Canadians, is going to be lower than it otherwise would have been,” Macklem told reporters.
“Unless something changes, our incomes will be lower than they otherwise would be.” …
Macklem tried to soften the blow but conceded that what Canada is facing “is not just a cyclical downturn.”
Pressed by reporters to explain what that meant, he pointed the finger at U.S. protectionist policies, including tariffs designed to protect American manufacturing.
However, analysts say Canada’s internal policies are the real culprit.
“Part of it is structural,” Macklem said, adding:
“The U.S. has swerved towards protectionism.”
“It is harder to do business with the United States.
“That has destroyed some of the capacity in this country. It’s also adding costs.” 11/01/25 https://slaynews.com/news/canadas-central-bank-warns-citizens-prepare-lower-standard-living/

Irrespective of the policies of the Liberal and Conservative parties in Canada, the reality is that Donald Trump is a major factor now. I have warned through much of this year that Canada’s economy is heavily tied to exports to the USA (see Canada’s Mark Carney speaks of Canada being European, but realizes USA has economic leverage; Germany votes for a major military move), USA President Donald Trump has imposed tariffs and made threats, and certain actions by Canadian officials infuriated Donald Trump last month (see Ontario’s trade ad backfires, Trump ending trade talks, and Canada can begin arresting citizens for online content). Economic pain is consistent with that.

That being said, as far as the standard of living dropping in the USA and British-descended nations (which include Canada), the late Pastor General of the old Worldwide Church of God, Herbert W. Armstrong wrote the following:

Prepare to Greatly Reduce Your Standard of Living
It’s time you knew the real meaning of the present inflationary spiral, rising interest rates, and fears of entering a severe depression. There is far more to all this economic concern than appears on the surface. Its roots even penetrate back into ancient history and biblical prophecy. Where are the United States and British nations mentioned in Bible prophecy? What is prophesied about these very conditions?
What does it all really mean? What does it portend for the relatively immediate future? We in the United States have enjoyed the most prosperous living standard of any nation in all the history of mankind. There is a reason for this unmatched prosperity that came to us. There also is a reason for the devaluation of the dollar in foreign markets, for our present abnormal inflation, and the fear in financial and government circles that we may well be in the beginning of the most severe economic depression in history. …
There is a far greater CAUSE that is now starting in rapid descent to BRING DOWN YOUR PRESENT STANDARD OF LIVING.
It is true that even though Britain as a former world empire has lost her national greatness, yet today there is a moderately larger diffusion of what prosperity they have left. British labor has come to receive probably slightly more than half of America’s present labor income. But Swiss, German, Swedish and other European living standards have risen markedly.
The real CAUSE, however, for the rise and fall of Britain and the U.S. dates back to centuries before Christ.
Our Ancient Roots
There is a far more significant reason—both for American ascendancy to the highest living standard ever enjoyed by any nation in earth’s history, and our sudden PLUNGE we are now entering. …
Now the Prophecies
In the 26th chapter of Leviticus we find God’s promises and prophecies to Israel beginning in Moses’ day.
God through Moses specially put emphasis on avoiding idolatry and keeping God’s Sabbath.
Then He said that IF they would keep His commandments and His national statutes they should receive and enjoy the national and material promises of the Birthright in their time. He gave them NO PROMISE of inheriting, in the days of ancient national Israel, the spiritual promises (the Sceptre).
Even though the promises were made UNCONDITIONAL to Abraham for his future descendants, God now promised ancient Israel ONLY the material promises of the Birthright—and even that was CONDITIONAL. …
Where the U.S. Is Mentioned in Biblical Prophecy
Prophecy mentions that Britain (Ephraim) would lose her first colony. The colony that grew into the United States was that colony. Now the 2520 years the Birthright was to be withheld from ISRAEL because of their continued disobedience, breaking their part of the Old Covenant, expired in the years 1800-1803.
The big colony Ephraim was to lose was the United States—descended from co-Birthright holder Manasseh. The United States became the ONE promised GREAT nation. Britain became the great COMMONWEALTH OF NATIONS.
Neither Britain nor America deserved the unprecedented wealth, greatness, and national power of Abraham’s BIRTHRIGHT. But God had promised it UNCONDITIONALLY to Abraham. It was CONDITIONAL to ancient Israel. Though our two great peoples did not deserve it, God was bound, and kept His PROMISE! Yet, once God had FULFILLED His promise to Abraham by giving us that national wealth, power and greatness, it became CONDITIONAL on us whether we should retain it!
As ancient Israel did not keep God’s statutes, commandments, sabbaths, NEITHER HAVE WE! …
Now Prophesied for the U.S.A.
The United States and the British peoples did inherit the NATIONAL and MATERIAL promises of the Birthright promised unconditionally to Abraham. Therefore God has FULFILLED His unconditional promise of the Birthright to Abraham.
Once fulfilled, in the British and Americans, retention of it by us became CONDITIONAL on our performance.
And WHAT HAVE WE DONE with all this vast wealth, economic prosperity, and world power?
We have made physical SCIENCE the new Messiah—our false God—which boasted we no longer needed to wear the swaddling clothes of superstition, or lean on the crutch of religion. SCIENCE promised to deliver us from all our troubles! But it failed utterly, and only produced the weapons of mass destruction that can now erase all humanity from the earth.
Our educational systems worshiped at the shrine of the false god of EVOLUTION, making it the foundational approach and basic CONCEPT upon which all KNOWLEDGE iS based! Evolution is the atheist’s attempted explanation for the presence of a CREATION, without a CREATOR!
Our governments have been corrupt. Our business, industrial, economic and commercial systems have been shot through with deception, dishonesty, selfishness.
We have adopted the WAY OF LIFE of Satan—utter selfishness, lust and greed, envy and jealousy, competition in every walk of life—business, politics, sports, society—leading to violence and destruction! We have rebelled against the authority of
GOD over us, worshiping the false gods of science, evolution, and greed. We have gone the WAY of SATAN! And Satan is the god of this world (II Corinthians 4:4).
And now, FOR OUR OWN GOOD, an all-wise and all-loving God is about to PUNISH our nations, in order finally to bring us to HIM!
I will use just one prophecy here. In Leviticus 26:19, God said of OUR PEOPLE, TODAY: “And I will break the pride of your power.”
God has given the U.S. more national POWER than any nation ever had! …
But already the noose is around our necks, and is almost daily tightening! Skyrocketing inflation, devaluation of the dollar in all foreign markets, other economic ills are starting GREATLY to reduce our standard of living! I warn you, PREPARE greatly to reduce your standard of living! Even GREATER punishments are to follow! (Armstrong HW. Prepare to Greatly Reduce Your Standard of Living. Plain Truth, January 1980.

While his timing was premature on the lowering of the standard of living, the prophecies he referred to will come to pass.

There are other issues than living standards being affected by USA tariffs on Canada and other nations as there will be many unintended consequences of Donald Trump’s actions, words, and policies.

The USA will be impacted by the Trump Administration in many ways that few expect.

Some items of possibly related interest may include:

Trade Wars – and the Winner will be … US President Trump imposed tariffs on a global scale. Those tariffs were imposed on friend and foe alike. It seems as if President Trump is no respecter of nations. But how will this work out for the United States? Will these tariffs result in other nations drawing closer together that have had rather cold, and even not so cold, relations in the past? Will global tariffs result in trade wars? Were the events which are happening predicted by any in the Continuing Church of God? Is Europe drawing closer to China? Is Europe drawing closer to Latin and South America? With the exception of a few of America’s allies, is the net result of these tariffs a worldwide scramble to create new alliances and new trading partners to the exclusion of the United States? What will be the future result of these new alliances? Many of the nations that are now seeking new alliances were just recently America’s allies. They were her friends. Dr. Thiel brings to light the fate of America and her allies at the hands of her former friends, as revealed in the book of Lamentations. As we rapidly approach the end times listen in to this video as Dr. Thiel brings to light world events. Also listen as he shines the light of Bible prophecy directly on the questions raised from these world events.
Europa, the Beast, and Revelation Where did Europe get its name? What might Europe have to do with the Book of Revelation? What about “the Beast”? Is an emerging European power “the daughter of Babylon”? What is ahead for Europe? Here is are links to related videos: European history and the Bible, Europe In Prophecy, The End of European Babylon, and Can You Prove that the Beast to Come is European? Here is a link to a related sermon in the Spanish language: El Fin de la Babilonia Europea.
25 items to prophetically watch in 2025 Much is happening. Dr. Thiel points to 25 items to watch (cf. Mark 13:37) in this article. Here is a link to a related sermon video: 25 Items to Watch in 2025.
Lost Tribes and Prophecies: What will happen to Australia, the British Isles, Canada, Europe, New Zealand and the United States of America? Where did those people come from? Can you totally rely on DNA? Do you really know what will happen to Europe and the English-speaking peoples? What about the peoples of Africa, Asia, South America, and the islands? This free online book provides scriptural, scientific, historical references, and commentary to address those matters. Here are links to related sermons: Lost tribes, the Bible, and DNA; Lost tribes, prophecies, and identifications; 11 Tribes, 144,000, and Multitudes; Israel, Jeremiah, Tea Tephi, and British Royalty; Gentile European Beast; Royal Succession, Samaria, and Prophecies; Asia, Islands, Latin America, Africa, and Armageddon; When Will the End of the Age Come?; Rise of the Prophesied King of the North; Christian Persecution from the Beast; WWIII and the Coming New World Order; and Woes, WWIV, and the Good News of the Kingdom of God.
Donald Trump in Prophecy Prophecy, Donald Trump? Are there prophecies that Donald Trump may fulfill? Are there any prophecies that he has already helped fulfill? Is a Donald Trump presidency proving to be apocalyptic? Three related videos are available: Donald: ‘Trump of God’ or Apocalyptic? and Donald Trump’s Prophetic Presidency and Donald Trump and Unintended Consequences.
Unintended Consequences and Donald Trump’s Presidency: Is Donald Trump Fulfilling Biblical, Islamic, Greco-Roman Catholic, Buddhist, and other America-Related Prophecies? Is Donald Trump going to save the USA or are there going to be many disastrous unintended consequences of his statements and policies? What will happen? This is a free eBook.