Lutnick indicated the tariffs that go into effect on April 2 will continue until Trump is “comfortable” with how both countries are handling the flow of fentanyl, comments tha

U.S. inflation risks have worsened, while recession risks are also mounting for Mexico, Canada and the U.S., the surveys found.

President Donald Trump did not deny there could be a recession this year under his leadership, telling Fox News there would be a “period of transition” as his economic policies take effect, as the president’s rapidly shifting tariffs on goods from Mexico and Canada have rattled the stock market and led to warnings of an economic downturn.

U.S. tariffs that took effect on Tuesday are threatening to derail Canada's fledgling economic recovery and will fuel rise in consumer prices and unemployment, potentially triggering a recession. Canada relies on the United States for 75% of its exports and a third of all imports.

Explore how tariffs on Canada, Mexico, and China impact U.S. consumers, businesses, and markets, risking economic growth and sparking recession fears.

Wall Street stocks tumbled Tuesday after the United States proceeded with new tariffs on Canada, Mexico and China, exacerbating worries that higher inflation will prompt a recession.