The head of the Bank of Canada has warned Donald Trump’s plans to impose high tariffs on Canadian imports would have a “dramatic” impact on the country’s weakening economy, as rate-setters cut interest rates by half a percentage point for the second consecutive meeting.
Rate-setters lowered their benchmark rate to 3.25 per cent in an attempt to boost growth, but said they would assess “the need for further reductions in the policy rate one decision at a time”.
“Our decisions will be guided by incoming information and our assessment of the implications for the inflation outlook,” the central bank said on Wednesday following the decision.
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