Carney warns of 'tough days ahead' as tariffs make U.S. recession 'likely'

Ian Froese · CBC News

· Posted: Apr 05, 2025 5:47 PM EDT | Last Updated: 13 minutes ago

Donald Trump's latest circular of tariffs is lone a fewer days old, but the havoc they're already exerting on the planetary system points to upcoming "pressure" connected Canada's employment levels, Liberal Leader Mark Carney is warning.

Wednesday's announcement of new tariffs connected imports to the United States from dozens of countries — along with starting the 25 per cent levy connected "all foreign-made" vehicles — brought "greater certainty," Carney said Saturday, about some the U.S. president's ambitions for tariffs and the repercussions for Canada.

"We tin expect unit connected employment successful this economy," helium said during a run halt in Oakville, Ont., a assemblage susceptible to the caller auto tariffs as Ford Motor Co. is 1 of the area's largest employers.

Carney said the government's caller changes to employment security eligibility, announced earlier the election, volition supply immoderate support.

Those measures see waiving the one-week waiting period for workers who suffer their jobs due to the fact that of the tariffs.

As well, Carney repeated his pledge that a re-elected Liberal authorities would respond to the tariffs by gathering a stronger system little connected to the United States. But helium besides said those actions wouldn't wholly cushion the financial blow.

"There are immoderate pugnacious days ahead. I'm not going to sugarcoat it," helium said.

"We've seen the archetypal signs of that successful the fiscal markets, melodramatic moves successful the fiscal markets, which is telling Americans, Americans that are listening, that determination are aboriginal occupation cuts, higher ostentation and apt an American recession ahead."

WATCH | Carney won't 'sugarcoat' it, economical headwinds connected the way:

'I person seen this movie before'

Carney said the United Kingdom's withdrawal from the European Union serves as a cautionary tale.

"It took some clip for the impacts of Brexit to filter done to the U.K. economy, but I person seen this movie before," Carney said, referring to his enactment managing that country's economical effect to Brexit arsenic caput of the Bank of England.

"I cognize precisely what is going to happen … the Americans are going to get weaker."

Other enactment leaders didn't specifically discuss the interaction of a imaginable recession connected Saturday, but instead repeated their arguments that they're champion suited to support Canada's interests. 

Conservative Leader Pierre Poilievre recalled a caller Fox News interrogation successful which Trump said he'd "rather woody with a wide than a conservative" successful the premier minister's bureau and that Poilievre is "stupidly, nary person of mine." 

Poilievre has spun those remarks arsenic a motion the president is backing the Liberals.

"I deliberation a lot of radical person to inquire themselves: wherefore does Donald Trump privation the Liberals successful powerfulness for a 4th term?" he told reporters Saturday in Osoyoos, B.C.

"The reply is clear: helium wants Canada to beryllium weak," Poilievre said.

WATCH | Poilievre says he's close prime for Canada arsenic Trump 'doesn't enactment me':

If elected, he's vowed to marque Canada's economy more independent, arsenic Conservatives would fast-track the gathering of pipelines, earthy state plants and different earthy assets projects. 

Meanwhile, NDP Leader Jagmeet Singh told a quality league successful St. John's that he's inspired by Canadians banding unneurotic successful effect to the U.S. tariffs and that voters "can number connected New Democrats to proceed that fight."

"Cutting things we request is not the mode forward," Singh said, a excavation astatine his Liberal and Conservative opponents who've promised to dial back spending if elected.

"The mode we spell guardant is by lifting each different up, strengthening each other."

The Bloc Québécois didn't remark connected the recession either, but leader Yves-François Blanchet said his Saturday predetermination committedness to marque it harder for overseas companies to bargain Quebec businesses demonstrates his committedness to keeping jobs successful Quebec.