“Canadian Prime Minister: Trump’s policy is leading the US to recession and self-sabotageMark Carney said that Trump’s tariffs are hurting the US and world economy. Canada is ready to defend itself by lowering trade
barriers and establishing ties with other countries.”, — write: unn.ua
DetailsCarney, a former head of the Bank of Canada and the Bank of England, said on Monday that the US president’s trade war is “self-defeating for the American economy and therefore for the world economy.”
“The US is driving itself into recession,” Carney said. “I think the main message to Canadians is what I’ve said over and over again, but I want to really emphasize — we can give ourselves a lot more than the US can take away.”
It will be difficult for Canada to avoid a recession if the US continues its tariff policy and enters one, the prime minister said, but the country can take steps such as reducing trade barriers between provinces and establishing trade relations with other countries. The US buys about three-quarters of Canada’s exports.
Trump threatened to introduce additional duties against China in the amount of 50%: why07.04.2025, 18:46 • 10098 views
Let’s addThe market chaos caused by Trump’s trade war continued for a third day on Monday, with stocks, bonds and commodities fluctuating sharply. At one point, about $10 trillion had been withdrawn from stock markets around the world since the US president announced tariffs for countries around the world on April 2, prompting China and other countries to announce retaliatory measures.
Carney, who stepped down as chairman of Brookfield Asset Management Ltd. and Bloomberg Inc. before successfully running to replace Justin Trudeau as leader of the Liberal Party of Canada, said markets and banks are functioning well. Earlier that day, the Prime Minister spoke with the head of the Bank of Canada, Tiff Macklem, as well as the Minister of Finance, François-Philippe Champagne.
“We have robust financial institutions in the country, so they are not making the situation worse,” he said. “What is happening in the markets is a reaction to what we have warned about, namely that these tariffs are fundamentally damaging the American economy and, as a result, the global economy.”
Canada was spared Trump’s so-called “reciprocal tariffs” last week, but has been hit by duties on cars, steel and aluminum, as well as products that do not comply with the North American trade agreement. Canada responded with tariffs on tens of billions of dollars of American goods.
“We have a strategy, which is to fight the Americans to change the tariff policy introduced by the US, and we have made progress,” Carney said. The Canadian leader spoke with Trump by phone last month and said they agreed that talks could begin after the Canadian election on April 28.
“We’ll see what happens in a few weeks,” Carney added.
He also pledged to protect Canadian loggers if Trump carries out his threat to add tariffs on the country’s softwood lumber.
Let us remindAgainst the background of Donald Trump’s introduction of duties and, in fact, “trade war” with almost the whole world, the situation on the markets not only in the USA, but also in the world, may significantly worsen.