Trumps trade war darkens outlook as 1 in 3 Canadian firms plan for recession – National [Video]

Roughly one in three Canadian businesses now assume there will be a recession in this country over the next year, a Bank of Canada survey released Monday shows.

The Bank of Canada’s Business Outlook Survey is a summary of interviews conducted by the bank with business leaders from around 100 Canadian firms.

It forecasts a grim quarter ahead for the Canadian economy as business sentiment deteriorates amid widespread uncertainty caused by U.S. President Donald Trump’s trade conflict, with an impact on everything from sales to consumers to decisions around hiring and investment.

Global stock markets extended a severe plunge Monday, fuelled by fears that U.S. tariffs would lead to a global economic slowdown. Even some of Trump’s allies are raising alarms about the economic damage, and financial forecasts suggest more pain on the horizon for U.S. businesses, consumers and investors.

Billionaire Trump supporter Bill Ackman warned on Sunday about an “economic nuclear winter” while calling …