The US's recent imposition of tariffs on key trading partners has ignited a strong backlash from Canada and Germany, raising alarms about potential global economic repercussions.
Economists warn that escalating trade tensions could lead to a global economic downturn, disrupt supply chains, and drive up consumer prices worldwide.
Canadian Trade Minister Mary Ng has vowed that Canada will take decisive action 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.
Although the latest tariffs are currently on hold between the US and Canada, the Canadian government had previously announced a retaliatory tariff package worth 155 billion Canadian dollars ($109.3 billion) in response to what it deems \"unjustified\" US tariffs.
This tit-for-tat escalation highlights the fragility of international trade relations and the broader implications for the global market, emphasizing the need for collaborative efforts to mitigate economic strain.
Reference(s):
cgtn.com
