OREANDA-NEWS The decline in the value of exports from Canada and Mexico due to US duties on their imports could amount to $50-80 billion, resulting in a reduction of 3-5% in annual terms for their GDP. The impact on the Canadian economy is expected to last for two to three years, while the Mexican economy will suffer more and the effects will be more prolonged, according to experts interviewed by RIA Novosti.

Since Tuesday, the United States has imposed 25% duties on imports from Mexico and Canada, as well as new duties on products from China, increasing the rate to 20%. The United States also intends to impose tariffs on goods from the European Union, implementing "mirror" duties against countries that impose higher tariffs on American goods. Canada and China have already announced retaliatory duties, and the European Union has also threatened to take action in response to President Donald Trump's threats.