In a big warning to Canada and Mexico, US President Donald Trump said tariffs on the United States' North American neighbours "could go up", but stressed that businesses will have clarity on the issue after April 2.

The recent tariffs imposed on goods from Canada, Mexico, and China are raising concerns about their impact on US consumers and the broader economy. S&P Global Ratings global chief economist Paul Gruenwald joins Wealth host Madison Mills to discuss how the tariffs will likely be passed onto US consumers.

President Donald Trump did not deny there could be a recession this year under his leadership, telling Fox News there would be a “period of transition” as his economic policies take effect, as the president’s rapidly shifting tariffs on goods from Mexico and Canada have rattled the stock market and led to warnings of an economic downturn.

Could the 'Trump slump' become a 'Trumpcession'? The implications of the president's tariff regime face a second week of close financial market scrutiny following a big shift in risk sentiment.

Risks to the Mexican, Canadian and American economies are piling up amid a chaotic implementation of U.S. tariffs that has created deep uncertainties for businesses and decision-makers, according to Reuters polls of economists taken this week.