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BlockNews
Home FINANCE

Canadian PM Carney Warns Trump’s Tariffs May Trigger U.S. Recession

Michael Juanico by Michael Juanico
April 3, 2025
in FINANCE, POLITICS
Reading Time: 3 mins read
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  • PM Mark Carney warned Trump’s tariffs could tip the U.S. into recession and drag Canada down with it.
  • Despite earlier threats, Canada mostly avoided new U.S. tariffs, helping the Canadian dollar hit a four-month high.
  • Economists still expect rate cuts and fiscal support in Canada, calling the outlook “gloomy” despite escaping worst-case trade damage.

Canadian Prime Minister Mark Carney didn’t mince words this week, warning that President Trump’s sweeping new tariffs could “rupture” the global economy—and might be enough to push the U.S. into a recession.

“The U.S. economy is already slowing, inflation’s picking up… this could be the tipping point,” Carney said at a press conference.

JUST IN: 🇨🇦🇺🇸 Canadian Prime Minister Mark Carney warns that President Trump's new tariff policies could lead the U.S. into a recession 👀 pic.twitter.com/E8Q2jdMJNy

— BlockNews (@blocknewsdotcom) April 3, 2025

Canada Won’t Be Immune

Carney noted it’s rare for Canada to avoid economic pain when the U.S. falters. “When the U.S. dips, we usually go right with them,” he said. While he believes Washington might eventually rethink the tariffs, it probably won’t happen soon. “Not until the pain hits home.”

What Tariffs Hit Canada?

Interestingly, Canada avoided the worst of the tariff storm. Donald Trump didn’t add new levies beyond earlier ones—like the 25% tax on non-USMCA goods, foreign aluminum, steel, and cars. Economists now believe up to 80% of Canadian exports could still cross the border mostly tariff-free, assuming companies stay USMCA-compliant.

“Reimagine Our Economy”

With a strong lead ahead of the April 28 election, Carney urged Canada to prepare for long-term changes. “Short-term support is important, yes—but we need to reimagine our economy now that frictionless access to the U.S. can’t be taken for granted.”

Economists Still Gloomy

Stephen Brown at Capital Economics thinks Canada might avoid recession—but said the forecast remains murky. He expects the Bank of Canada to slash interest rates three more times this year and sees new federal and provincial stimulus efforts as likely.

Canada Avoided the Worst of the Tariff Storm

A Small Silver Lining

In the markets, the Canadian dollar got a small boost—hitting a four-month high—as traders welcomed the fact that Trump didn’t go full scorched-earth on Canadian trade.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: CanadaDonald TrumpMark CarneyStephen BrownTariffs
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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