Mark Kearney warns that the 80-year period for US economic leaders is over. How to survive a new reality

Trump’s “liberation day” may be the first step in America’s withdrawal from its role as a global economic anchor and a trusted trade alliance. That’s what Canadian Prime Minister Mark Kearney said he didn’t refrain from press conferences right after each other. Customs The car was announced in the US.

“The global trade system fixed in the US… is over,” Carney said recently. announcement. “The 80-year period in which the US embraced the global mantle of economic leadership is over. It’s a tragedy, but it’s also a new reality.”

A former head of both the Bank of Canada and the Bank of England and an Oxford Harvard-trained economist, Kearney certainly has the experience needed to help Canada navigate this new reality. But his harsh warnings are rippling far beyond the Canadian border.

According to BBCworld leaders, including EU Commission Prime Minister Ursula von der Leyen and Japanese Prime Minister, say the ongoing trade war will have “disastrous” consequences for millions of people around the world, undermining the global trade system.

Here’s how the chorus of concern continues to expand and prepare for what’s to come:

The United States is not the world’s largest economy, it is also the largest consumer of goods and services.

In 2023 alone, the US imported $3.17 trillion worth of goods, according to reports by Visual Capitalist. World Trade Organization Data. China, the world’s second largest economy, is a net exporter. Financial Times.

As a result, the global economy is heavily dependent on US consumption, and trade barriers such as tariffs and embargoes can have serious consequences for almost every country.

This is why Carney warns that Trump’s tariff policies “may destroy the global economy.”

There are many signals to validate this paper. Since early April, global stock markets have cut a total of $9.5 trillion. streetJPMorgan’s probability forecasts this year’s US recession 60%.