Lutnick indicated the tariffs that go into effect on April 2 will continue until Trump is “comfortable” with how both countries are handling the flow of fentanyl, comments tha

U.S. inflation risks have worsened, while recession risks are also mounting for Mexico, Canada and the U.S., the surveys found.

President Donald Trump did not deny there could be a recession this year under his leadership, telling Fox News there would be a “period of transition” as his economic policies take effect, as the president’s rapidly shifting tariffs on goods from Mexico and Canada have rattled the stock market and led to warnings of an economic downturn.

U.S. tariffs that took effect on Tuesday are threatening to derail Canada's fledgling economic recovery and will fuel rise in consumer prices and unemployment, potentially triggering a recession. Canada relies on the United States for 75% of its exports and a third of all imports.

Explore how tariffs on Canada, Mexico, and China impact U.S. consumers, businesses, and markets, risking economic growth and sparking recession fears.

Wall Street stocks tumbled Tuesday after the United States proceeded with new tariffs on Canada, Mexico and China, exacerbating worries that higher inflation will prompt a recession.

Over the past few weeks, Mr. Trump has threatened, imposed, suspended and resumed tariffs on America’s largest trade partners: Canada, Mexico and China. The dizzying shifts, including last-minute exemptions for some automakers and energy products, have led to heightened uncertainty, unnerving investors.

The recent tariffs imposed on goods from Canada, Mexico, and China are raising concerns about their impact on US consumers and the broader economy. S&P Global Ratings global chief economist Paul Gruenwald joins Wealth host Madison Mills to discuss how the tariffs will likely be passed onto US consumers.

Canada has already introduced tariffs on CAD$30bn of imported US products, and this will lift prices for items such as orange juice, appliances and motorcycles, but given that unemployment is 6.6% and inflation is broadly in line with the target, we believe the BoC has scope to implement another insurance rate cut.