Kevin O'Leary, also known as Mr. Wonderful, is speaking directly as always. In a recent post on X, the investor and “Shark Tank” star said, “Prices aren't going down! Eggs, energy, housing—all still sky-high.” And now, with tariffs on Mexico and Canada, things could get even more expensive.
Housing Costs Could Get Worse
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O'Leary warns that tariffs could make an already tough housing market even worse. “Lumber prices up, housing even more expensive,” he posted. He explains that if tariffs are placed on Canada and Mexico, it would drive up the cost of lumber, which is a key material for home construction.
According to O'Leary, the lumber industry isn't in a position to quickly adjust. “The lumber industry just yesterday and today said, ‘Look, we can’t make up this capacity for at least four to five years,'” he said. That means even if demand remains steady, prices could stay high for years to come.
Canada's Uncertain Position
O'Leary also points out that Canada is at a disadvantage in these negotiations. With the federal leadership in limbo, provincial leaders from Ontario, Alberta, and Saskatchewan are scrambling to handle trade talks in Washington. These provinces are especially affected because they are key players in trade, particularly in the energy sector.
A Strategy to Bring Investment Back
Despite the immediate concerns, O'Leary believes this is part of a long-term strategy to bring more investment back to the U.S. “These are volatile times,” he admitted. However, he sees the negotiations as part of a push to “get back more investment into the U.S. and a balance on trade imbalances, country by country by country.”
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Trade War Heating Up
Canadian Prime Minister Justin Trudeau recently announced that Canada would impose retaliatory tariffs on U.S. imports in response to President Donald Trump's 25% levies on Canadian goods. The measures include a 25% tariff on CA$30 billion worth of U.S. goods, effective immediately, with an additional CA$125 billion in U.S. products facing the same tariff in three weeks.
Trump fired back with a post on Truth Social, warning that any retaliatory tariffs from Canada would be met with equal measures. “Please explain to Governor Trudeau, of Canada, that when he puts on a Retaliatory Tariff on the U.S., our Reciprocal Tariff will immediately increase by a like amount!” Trump wrote.
While no one knows exactly how this will play out, uncertainty is here to stay, at least for now. “[If tariffs] go on, there won't be any immediate change to anything. It’ll be a continued negotiation,” O'Leary noted. For consumers, that means no quick drop in prices anytime soon.
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