The Bank of Canada has maintained its key overnight lending rate while seeking clarity on U.S. trade policies under President Trump. Uncertainty has surged, as tariffs fluctuate and Canada faces increased rates on steel and aluminum imports. Bank of Canada governor Tiff Macklem emphasized the unpredictable nature of U.S. trade measures, while Catherine Cobden noted that the latest tariff hikes effectively close the U.S. market to Canadian steel. This situation exemplifies a broader strategy of 'strategic uncertainty' that complicates planning for businesses and policymakers alike.
We still do not know what tariffs will be imposed, whether they'll be reduced or escalated, or how long all of this will last, said Bank of Canada governor Tiff Macklem.
At a 50 per cent tariff, we basically consider the U.S. market closed completely shut to Canadian steel, said Catherine Cobden, president of the Canadian Steel Producers Association.
Strategic uncertainty is part of the U.S. playbook, as highlighted by U.S. Treasury Secretary Scott Bessent.
The meeting was heralded as a sort of reset of Canada-U.S. relations and the beginning of a path out of the trade war.
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