The US's recent decision to impose tariffs on key trading partners has ignited strong reactions from Canada and Germany, raising alarms about a potential global economic downturn.
Economists warn that these escalating trade tensions could disrupt global supply chains and lead to rising consumer prices worldwide. The imposition of tariffs is seen as a significant threat to the stability of international markets.
Canadian Trade Minister Mary Ng has vowed that Canada will take decisive action to protect its economy. In an interview with ABC on Monday, Ng stated, \"Should Canada get tariffs that are punishing, tariffs that will hurt our economy, everything will be on the table. We will respond, and we will respond with impact.\"
While the latest round of tariffs between the US and Canada remains paused, Canada had previously announced a hefty retaliation package worth 155 billion Canadian dollars ($109.3 billion), labeling the US tariffs as \"unjustified\".
As trade tensions continue to mount, the global community watches closely, aware that the outcomes could shape the economic landscape for years to come.
Reference(s):
cgtn.com
