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.

President Trump says he'll impose tariffs on Mexico and Canada on Tuesday. Mexico is working hard to persuade Trump to hold off on the threat.