A voluntary trade reset recession doesn’t sound very good, and it’s not. That what is heading for the U.S. unless tariff policies are swiftly changed, according to Torsten Slok, chief economist at Apollo Global Management.

Tariffs could end up producing a 4% hit to GDP, Apollo's top economist estimated, adding that he sees a 90% chance of a "Voluntary Trade Reset Recession."

Canada may have dodged stiffer tariffs from the United States, but it’s hardly off the hook, warn some economists.