OTTAWA – The probability of a U.S. recession has risen significantly thanks to President Donald Trump’s tariffs and that will have a major negative effect on the Canadian economy, Prime Minister Mark Carney said on Monday.

Carney also told a televised news conference he had spoken to Bank of Canada Governor Tiff Macklem and Finance Minister Francois-Philippe Champagne on Monday about turmoil in the markets and expressed confidence in both men.

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