US President Donald Trump has refused to say whether the US economy is facing a recession or price rises in the wake of his administration's changes to tariff threats against some of its closest trading partners. Asked if he was expecting a recession this year, Trump said there was a "period of transition" taking place.

The harsh rhetoric echoed similar comments in 2018, when Trump launched his first trade war with China and it scrambled to line up tit-for-tat actions. Beijing’s leaders have since developed a toolkit of tariffs, import curbs, export controls, sanctions, regulatory reviews and measures to limit companies from doing business in China.

Long-threatened tariffs from U.S. President Donald Trump have plunged the country into a trade war abroad — all while on-again, off-again new levies continue to escalate uncertainty. Since taking office less than two months ago,

Canada’s next prime minister Mark Carney has helped run two economies in crisis before and now will try to steer Canada through a looming trade war.

The 59-year-old political newcomer says he will keep tariffs on US imports "until the Americans show us respect".

Trump refuses to rule out recession and new Canadian PM Mark Carney vows to win trade war: Live updates - President’s remarks follow turbulent week as markets rattled by series of chaotic tariff annou

European shares dipped to their lowest in almost a month on Monday and world stocks followed as building deflationary pressure in China added to growth worries from a lacklustre U.S. economy and an escalating global trade war.

Starting just past midnight Tuesday, imports from Canada and Mexico are now taxed at 25%, with Canadian energy products getting tariffed at 10%.

The new Canadian Prime Minister Mark Carney took the time to call out President Donald Trump's relentless attack on Canada during his first speech after Justin Treadu resigned.

National Economic Council director Kevin Hassett said in an interview with ABC News' "This Week" that the tariffs are not meant to start a trade war. "What happened was that we launched a drug war, not a trade war, and it was part of the negotiation to get Canada and Mexico to stop shipping fentanyl across our borders," Hassett said.

Canada's incoming prime minister Mark Carney vowed to fight against US President Donald Trump's trade war, stating that Canada will never be part of the United States. Carney emphasized the need to stand up for Canadian sovereignty and resources while preparing for potential early elections.