What impact could Trump's victory have on northern Ontario?

Economic watchers in northern Ontario are anxiously keeping an eye on financial markets to see what effect Donald Trump's U.S. election victory could have on their industries. 

Trump's surprise presidential win initially caused the price of gold to jump $22 U.S. before tapering off, which is three times the level of a normal trading day. 

"There is a fraction of the population that's quite worried about the election," said Laurentian University economics professor David Robinson. 

"That's what I take that spike to mean."

A strong gold price is good for northern Ontario's mines and for those involved in mineral exploration, according to Garry Clark, the executive director of Ontario Prospectors Association.

"It bodes well for the explorers of Ontario and specifically some of the smaller companies that were hurt fairly hard with the economics of the past four or five years," Clark said.

'Don't expect a lot'

But there is uncertainty within other industries. 

Trump's vow to re-negotiate the North American Free Trade Agreement could spell trouble for northern Ontario wood exports.

But Robinson said any attempt to block Canadian wood will be complicated since many firms working in northern Ontario are owned by American companies.

"If they're owned by the States, it's pretty hard for them to block shipments because all you do is you ship to the American plant or the American source and they sell it from there," Robinson said.

"So I don't expect a lot of effect on northern Ontario at all."

It is too early to know if Trump will keep any of his promises, Robinson said. Only then will the true impact on northern Ontario be known. 

"Most economists estimated the effect of his promises is to inflate their [American] deficit," Robinson said.

"On the other hand, if they start building a wall maybe they'll need a whole bunch of stuff from us. We just don't know."