"The result would be a swift and severe recession on America's northern doorstep that would crush demand for U.S. imports," wrote Derek Holt, vice-president of Scotiabank Economics.
"This would raise trade costs to levels last seen in the run-up to the Great Depression," wrote Schamotta in a note to clients.
"If Canada responded with tariffs of its own, the Scotiabank model found interest rates would climb 275 basis points..."
Businesses, economists and policymakers are trying to figure out how much of this is threat, how much is bluff and how much is real.
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