The mere threat of his universal tariffs is sparking a scramble that’s leaving the global trading system prone to bottlenecks, saddled with higher costs and vulnerable to disruptions should an economic shock come along.

Most economists a month ago likely would have told you that Canadian interest rates would steadily decline during the first half of 2025 before stabilizing in the third quarter. But that was before United States president-elect Donald Trump introduced the threat of a 25 per cent tariff on all Canadian imports,