The Globe and Mail reports in its Friday edition that U.S. President Donald Trump's decision to hike tariffs to the highest level in a century has sent shock waves through the global economy, hammering financial markets, adding to inflationary concerns and raising the odds of a recession in the United States that could ripple across the border into Canada. The Globe's Mark Rendell writes that Mr. Trump has announced a baseline tariff of 10 per cent on imports, with much higher rates for dozens of trading partners, including the European Union, China and Japan. That pushed America's average tariff rate above 20 per cent, from around 2 per cent when Mr. Trump took office -- a level last seen in the 1930s when a breakdown in global trade helped fuel the Great Depression. Mr. Trump's move stunned governments, businesses and investors around the world. "It's a structural break in the global trading system," James Rossiter, head of global macro strategy at TD Bank, told The Globe. "We talked through the first season of Trump about globalization unwinding and sort of collapsing a little bit on itself. But I think what we're seeing now is far more fundamental and far more durable and long lasting than what we saw previously."