How will the United States financial crisis affect Canada?

This same question has been asked many times I think the person whos id is Tshirtguy answered it best. This was copied and pasted from another answer.



First all Canada's biggest trading partner is the U.S. 80% of the goods we make go there for sale. If U.S. consumers become cash strapped and spend and buy less that will hurt us as we will not be able to sell (export) our goods, this will lead to job losses, higher unemployment. This in turn will lead to people here spending less and putting others out of work. For every one manufacturing job lost three spin-off jobs are lost. Sure the banks are in good shape thanks to previous Liberal governments but that will not protect us if the rest of the world is doing poorly. Yes we can see some difficult times ahead. Its up to government to lead the way.How will the United States financial crisis affect Canada?it is a global financial crisis. in many way Canada will be affected alike. one way that it might be affected differently from the US is that is a net exporter of commodities such as natural gas and oil. a global recession is likely to depress demand for/ price of such commodities, from which Canada stands to lose.