Consumer spending, which accounts for about 70% of U.S. economic activity, could slowly fade away as households bolster savings to ease the blow of a potential downturn, Sonola said. Meanwhile, businesses could slash their investments, which make up about 15% of gross domestic product, he added.

Risks to the Mexican, Canadian and American economies are piling up amid a chaotic implementation of U.S. tariffs that has created deep uncertainties for businesses and decision-makers, according to Reuters polls of economists taken this week.

U.S. stocks have suffered their sharpest selloff in months as investors have grown nervous that Trump will slow the economy with import duties.