The Globe and Mail reports in its Friday edition that Donald Trump's threat to impose tariffs on Canadian imports poses huge risk to the country's economy. The Globe's Mark Rendell writes, however, that such threats also provide an opportunity to address structural problems that hold back economic growth, and to double-down on sectors in which Canadian companies can thrive in an increasingly protectionist world. That is according to the chief economists at five of Canada's largest banks, who delivered their 2025 outlooks at an Economic Club of Canada event in Toronto on Thursday. BMO chief economist Douglas Porter said that 25-per-cent tariffs could knock around 2 per cent off Canadian GDP. Others suggested that Mr. Trump's belligerence provides a window to improve Canada's domestic business climate and address long-standing problems, such as interprovincial trade barriers and a burdensome regulatory environment. RBC's chief economist Frances Donald said: "We need to remember that we can simultaneously be building up our economic immune system, and not to lose sight of some of these elements that will help us be more resilient. Because this isn't the last geopolitical shock Canada is going to face. We are in a new era."