Bank of Canada Governor Macklem spoke with the New York Times, saying that US President Donald Trump’s tariffs are the biggest headwind for the country.
Key quotes
Trump’s tariffs are the “biggest headwind” for the country.
The “most important imperative” is for Canada to reach a new trade deal with the US.
The impact of the tariffs isn’t showing up yet in economic data, policymakers will be “carefully” tracking the extent to which they impact consumer prices.
Market reaction
At the time of writing, the USD/CAD pair is trading 0.03% lower on the day to trade at 1.3730.