On a stormy Tuesday, the air was thick with foreboding as US President Donald Trump unleashed a North American trade war, igniting reactions of despair among economists and business leaders regarding its devastating consequences for Canada’s economy. Carl Gomez, Chief Economist at CoStar Group Inc., grimly stated, “It’s going to be bad,” forecasting a significant hit to Canada’s GDP growth and warning of repercussions for the US and global economies alike.
The launch of a North American trade war by President Trump is set to have dire consequences for Canada’s economy, according to economists. The imposition of tariffs could lower GDP growth, raise inflation, and lead to job losses, with significant uncertainty looming over businesses.
In conclusion, the trade war ignited by the US has cast a dark shadow over the Canadian economy. With tariffs likely leading to increased inflation, job losses, and heightened uncertainty, the implications are substantial. Economists highlight a coming storm, urging businesses to prepare for the economic upheaval ahead as the relationship between Canada and the US faces significant strain.
Original Source: financialpost.com
