Deutsche Bank said Monday that Mexico and Canada could enter a recession in the coming weeks as a result of the steep tariffs that the Trump administration has imposed on imports from the neighboring countries.
On Saturday, President Donald Trump declared an economic emergency and signed an order to place tariffs of 25% on all imports from Mexico and Canada, as well as 10% on imports from China. Additionally, a 10% rate is set to be imposed on Canadian energy, including oil, natural gas, and electricity.
In fulfilling one of his post-campaign promises to voters, Trump’s action on tariffs also risks triggering higher inflation and disrupting industries across North America.
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