Economists say the Canadian economy is poised to plunge into a recession this year if U.S. tariffs that took effect Tuesday morning remain in place.
U.S. President Donald Trump’s executive order hitting Canada and Mexico with 25 percent across-the-board tariffs, with a lower 10 percent levy on Canadian energy, took effect at 12:01 a.m. ET.
Prime Minister Justin Trudeau says Canada’s response will include retaliatory tariffs on $155 billion worth of American goods.
RSM Canada economist Tu Nguyen says Canada’s economic landscape “is set to change dramatically,” as the trade war will mean prices increase, unemployment rises, and consumers begin pulling back….