Trump’s tariffs could plunge Mexico and Canada into a recession
CNN
US President Donald Trump’s tariffs on Canada and Mexico could severely impact the economies of both countries, potentially slowing down production of certain goods, raising prices on products and sparking fears of a recession, analysts warn.
US President Donald Trump’s tariffs on Canada and Mexico could severely impact the economies of both countries, potentially slowing down production of certain goods, raising prices on products and sparking fears of a recession, analysts warn. The US on Tuesday imposed 25% tariffs on imports from both of its neighbors, as well as a 10% tax on Canadian energy. Though both countries have also warned they will impose reciprocal tariffs that will affect the US economy, Canada and Mexico stand to lose far more because they depend so heavily on America for trade. The US is considered their largest export market. Last year, Mexico exported roughly $505 billion to the US, roughly 30% of its GDP, while Canada exported over $412 billion, about 20% of its GDP. Meanwhile, US exports to Canada were valued at $349 billion last year – but this represents just over 1% of US GDP. Similarly, it exported roughly $334 billion in goods to Mexico, also only around 1% of its GDP. Canada’s car manufacturing and energy sectors will be among the most affected, said Drew Fagan, a professor at the University of Toronto’s Munk School of Global Affairs and Public Policy. According to the US Census Bureau, about $185 billion worth of goods in those sectors are imported into the United States from Canada.
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