Canadian Recession Looms This Year If US Tariffs Stay in Place: Economists

Bay Street in Canada's financial district is shown in Toronto on March 18, 2020. The Canadian Press/Nathan Denette

Economists say the Canadian economy is poised to plunge into a recession this year if U.S. tariffs that took effect Tuesday morning remain in place.

U.S. President Donald Trump’s executive order hitting Canada and Mexico with 25 percent across-the-board tariffs, with a lower 10 percent levy on Canadian energy, took effect at 12:01 a.m. ET.