Canada-USA Trade Tensions Escalate to Economic War
Former Bank of Canada governor Mark Carney has described the ongoing trade tensions between Canada and the US as an 'economic war'. Speaking on Parliament Hill, he stated that it is evident this is a new attack by the Americans on Canada, making it an attack in a war. The economic legend expressed his disapproval, saying 'It's not a good choice. We want a different relationship.'
The escalation of trade tensions has increased geopolitical and economic risk between the two countries. This heightened volatility could put pressure on crypto markets and centralized exchanges (CEXs), making it more complicated for decentralized finance (DeFi) adoption and cross-border fundraising.
Carney's warning comes as Canada's economy faces uncertainty, with a trade deficit of $2.12% in the past 24 hours. The Canadian dollar is also experiencing fluctuations, with a 24-hour spot volume of $56.08B. Meanwhile, Ethereum (ETH) gas prices have increased to 0.08 Gwei.