OTTAWA — “Some resilience” — those were the two words Bank of Canada governor Tiff Macklem used last week to describe how the Canadian economy is holding up under the weight of U.S. tariffs.

Just a few days later, U.S. President Donald Trump added 35 per cent tariffs on Canadian goods to a running tally that includes hefty duties on steel, aluminum, automobiles and, more recently, semi-finished copper.

With tariffs piling up over the past few months, economists say Canada’s economy is starting to show cracks — but few signs of collapse.

TD Bank economist Marc Ercolao conceded it’s a “bit of surprise” to see the economy holding up against a massive disruption from Canada’s largest trading partner.

“Many months ago, ourselves — as well as other economic forecasters — had an outlook f

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