Author: Al Jazeera
Published on: 12/03/2025 | 00:00:00
AI Summary:
Bank of Canada trimmed key policy rate by 25 basis points to 2.75 percent. It raised concerns about inflationary pressures and weaker growth stemming from trade uncertainty. The bank said it would “proceed carefully with any further changes” to rates. Trump imposed a 25 percent tariff on all steel and aluminum products on Wednesday. Canada said it will impose $29.8 billion Canadian dollars ($20.68bn) in retaliatory tariffs on the US effective Thursday. The bank said a protracted tariff war would lead to poor GDP growth and high prices. The recent shift in consumer and business intentions is expected to lead to a marked slowing in domestic demand. “Monetary policy cannot offset the impacts of a trade war,” Macklem said in his remarks.
Original: 617 words
Summary: 122 words
Percent reduction: 80.23%