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flag U.S. tariffs could slash global income by 2% if reaching 10%, costing $2 trillion this year, warns former Bank of Canada governor Stephen Poloz.

flag Former Bank of Canada governor Stephen Poloz warned that U.S. tariffs could cause unprecedented economic harm, potentially reducing global income by nearly 2 percentage points if they reach 10%, leading to $2 trillion in losses this year and $40 trillion over ten years. flag He called the impact the "greatest intentional destruction of income ever," citing effects on economies, politics, and consumer behavior, with risks of recession or lasting global shifts. flag Speaking at a Toronto AI symposium, Poloz also highlighted rising inequality in the digital age and urged nations to adapt by reducing trade barriers and embracing artificial intelligence.

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