Canada imposed a range of counter-tariffs on U.S. imports in response to Trump's 25% tariffs during a trade altercation that has led to increased unemployment in Canada's export-dependent economy and sparked fears of a recession.

This week marked an important milestone in the state of trade between the United States and Canada. Since February, the United States and Canada have entered into a series of trade measures and countermeasures,

JPMorgan on Tuesday lowered its odds of a recession this year from 60% to below 50%, meaning the U.S. is more likely to grow in 2025 than enter a downturn. Similarly, Goldman Sachs reduced its chances of a recession this year from 45% to 35%.