Experts are expressing concern that steep new U.S. tariffs primed to take effect on March 4, along with planned levies on other trading partners, could fan inflation and slow the nation's growth — an economic malaise known as "stagflation.

As traders worldwide wait to see if U.S. President Donald Trump once again holds off on putting new tariffs on Canada and Mexico, the head of the U.S. Treasury Department has highlighted one potentially promising avenue for America’s neighbors.

Tariffs have become President Donald Trump's favored economic move, and they're set to go into effect against Canada and Mexico next week.