Chart 2: High tariffs permanently lower the path for output https://www.bankofcanada.ca/?p=244345 Base case Trade conflict 99.36 99.90 100.15 100.59 101.09101.09 100.62101.59 102.05100.54 102.54100.53 103.03100.75 103.49101.09 103.88101.32 104.24101.51 104.69101.74 102.05105.12 102.45105.55 102.88105.94 103.37106.41 103.94106.91 104.56107.48 105.24108.15 105.74108.65 106.28109.18 106.88109.76 107.60110.40 111.12108.42