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The survey data highlight the extent to which the trade rift is fuelling anxiety in a Canadian economy that remains highly dependent on the U.S. for exports. And many economists believe heightened uncertainty — if it prompts consumers and businesses to scale back spending — may pose an even greater threat than the direct impact of any tariffs.

The first surveys of business sentiment since the G7 summit are also expected this week, and should provide insight into how the trade dispute is affecting investment intentions. The Canadian Federation of Independent Business releases its monthly small business barometer on Thursday, while the Bank of Canada publishes its quarterly survey of executives on Friday.

It's probably fair to say a certain proportion of Canadians think that Canada will pay and it won't be a pleasant experience Nik Nanos, chairman of Nanos Research

Every week, Nanos Research asks 250 Canadians for their views on personal finances, job security, the outlook for the economy and where real estate prices are headed. Bloomberg publishes four-week rolling averages of the 1,000 telephone responses. A composite indicator — the Bloomberg Nanos Canadian Confidence Index — is also calculated from the rolling averages of the four questions.

The overall index plunged to 55.3 in the week ended ended June 22, which is the lowest weekly level since 2016, down from 57.1 a week earlier. The 1.8 point drop is the largest since Nanos began weekly polling in 2013.

Photo by Olivier Douliery/AFP/Getty Images

While all four questions have recorded a deterioration in sentiment over the past two weeks, the biggest drop has been in the outlook for the economy. The share of Canadians who say they expect the economy to get stronger over the next six months dropped to 14.7 per cent last week, the lowest since 2015 when Canada suffered a technical recession. The share of Canadians who see the economy weakening jumped to 38.2 per cent, the highest since 2016.