According to CoinMeta, economists told Canada’s finance minister that the damage caused by the escalating trade war with the United States should be within controllable limits, which may have given Prime Minister Justin Trudeau more confidence to withdraw from the negotiations. The Canadian finance minister convened a closed-door meeting in Toronto with economists representing several major banks to discuss the economic prospects after the breakdown of trade talks with the U.S. Although some economists lowered their economic growth forecasts and warned that the new import tariffs imposed by the U.S. on hundreds of Canadian goods could hit small and medium-sized enterprises the hardest, participants revealed that discussions about the risk of economic recession were virtually absent at the meeting. There was a general belief that the Canadian economy is strong enough to withstand Trump’s successive rounds of tariff measures.