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Macklem: Navigating tariff uncertainty
Good morning. It’s a pleasure to be here in Alberta. I want to thank Calgary Economic Development for the invitation. The last time I spoke in Calgary was about 18 months ago—September 2023. The post-pandemic crisis was easing, but uncertainty remained. Inflation was still above 3%, and the Bank of Canada’s policy interest rate was 5%. Canadians were being squeezed by still-elevated inflation and higher interest rates. Could we get inflation back to our 2% target without tipping the economy into recession? As 2024 closed out, this question was largely resolved. Inflation was on target, and economic growth had ... (full story)
*BoC Must Stop Initial Tariff-Fueled Price Hikes From Spreading, Macklem Says
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Macklem: Tariffs and trade uncertainty are hurting the Canadian economy
The United States has imposed tariffs on some Canadian exports and threatened more tariffs that could come into effect in early April. Canada has retaliated with tariffs on some US imports and has promised more counter measures if the trade war escalates. Broad-based and long-lasting tariffs will hurt Canadian exports and overall output and will push prices higher. Tariffs will also have a big impact on key Canadian industries and many regions of Canada. These include: • the oil and gas industry in Alberta, which could be hit with 10% tariffs on US exports • potash producers in Saskatchewan, who export a lot of ... (full story)
BoC's Gov. Macklem: Canadian economy managed a soft landing. Unfortunately, we're not going to stay on the tarmac for long.
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