The United States' recent imposition of tariffs on key trading partners has ignited a strong backlash from both Canada and Germany. Economists are warning of widespread economic harm, including the possibility of a global economic downturn, supply chain disruptions, and rising consumer prices.
Canadian Trade Minister Mary Ng has promised that Canada will not hesitate to respond to protect its economy. \"Should Canada get tariffs that are punishing, tariffs that will hurt our economy, everything will be on the table,\" Ng stated in an interview with ABC on Monday. \"We will respond, and we will respond with impact,\" she added.
While the latest tariffs between the US and Canada are currently paused, Canada had previously announced a 155 billion Canadian dollars ($109.3 billion) tariff package in retaliation to what it called \"unjustified\" US tariffs.
The escalating trade tensions raise concerns about the stability of global markets and the potential for significant economic challenges ahead.
Reference(s):
cgtn.com
