Bank of Canada cuts rates by 25 basis points
Monetary policy “cannot offset the impacts of a trade war”, says central bank
The Bank of Canada (BoC) reduced its policy rate by 25 basis points today (March 12).
The central bank said in a statement that heightened trade tensions and tariffs imposed by the US were likely to slow the pace of economic activity and increase inflationary pressures in Canada. The rapid evolution of the policy landscape, it said, subjected the economic outlook to unusual uncertainty.
“Monetary policy cannot offset the impacts of a trade war,” it added.
The BoC governor Tiff Macklem said tariffs
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