Trump’s trade war: Who pays? Is it legal? Will Canada go into recession?
Donald Trump has unleashed extensive tariffs on his country’s biggest trading partners – here’s what to know about what could happen next.
The Canadian economy is set to face the most severe shock since the COVID-19 pandemic and will probably sink into a recession if a tariff war persists. Bethany Rae
President Donald Trump is moving forward with extensive tariffs on the United States’ closest trading partners. Beginning on Tuesday (Wednesday AEDT) , companies bringing products into the United States from Canada and Mexico will pay a 25 per cent tariff; importers bringing products in from China will pay an additional 10 per cent on top of existing levies.
The president has insisted that these tariffs will not increase prices for US consumers but a simple review of how tariffs work suggests that is not the case. Here’s what to know about who pays, whether the tariffs are legal and what the impact may be.
