Robert Fry, an economist based in Delaware, said the United States could go into a recession if President Trump's tariffs on Mexico and Canada continue.

US President Donald Trump’s tariffs on Canada and Mexico could severely impact the economies of both countries, potentially slowing down production of certain goods, raising prices on products and sparking fears of a recession,

The recent tariffs imposed on goods from Canada, Mexico, and China are raising concerns about their impact on US consumers and the broader economy. S&P Global Ratings global chief economist Paul Gruenwald joins Wealth host Madison Mills to discuss how the tariffs will likely be passed onto US consumers.

Goods covered by the countries’ USMCA agreement get a reprieve, but levies remain in effect for many goods, including oil.

U.S. tariffs that took effect on Tuesday are threatening to derail Canada's fledgling economic recovery and will fuel a rise in consumer prices and unemployment, potentially triggering a recession.

Economists have estimated that the US tariffs on Canada will shave 2 to 4 percentage points off the country’s gross domestic product growth.

Tariffs will affect corporate hiring and put U.S. manufacturers operating globally in a difficult situation, economists say.

President Trump announced 25% tariffs on Canada and Mexico​, and an additional 10% tariff on China on Tuesday morning. The nations are three of America's largest trading partners.