US EditionRules-based trade with US is 'over': Canada central bank head
Bank of Canada Governor Tiff Macklem cites unpredictable US tariffs and the USMCA review as major risks impacting over 75% of Canadian exports to the United States.
- On Wednesday, Bank of Canada Governor Tiff Macklem warned the days of open rules-based trade with the United States are over during an interest-rate announcement citing unpredictable US trade policies.
- `The upcoming review of the is an important risk`, Macklem said, noting Trump's global tariffs have hit Canada's auto, steel, aluminum and lumber industries and complicated forecasting.
- With more than 85 percent of bilateral trade remaining tariff-free, trade data show Canada remains vulnerable, as over 75 percent of exports go to the United States.
- The governor warned the most severe disruptions may be yet to come and said Canada's growth remains stunted by United States policy.
- Amid global debate, Macklem said he agreed with Prime Minister Carney's World Economic Forum warning last week and stressed, `The US Federal Reserve is the biggest, most important central bank in the world and we all need it to work well.
29 Articles
29 Articles
Canada Says "Rules-Based Trade With US Is Over"
The era of rules-based trade with the United States is "over," Canada's central bank governor said Wednesday, echoing a stark warning from the country's prime minister that President Donald Trump's impact on global trade is permanent.
The U.S.-Canada trade relationship is no longer "rule-based," said the Governor of the Bank of Canada on Wednesday, a few days after Prime Minister Mark Carney's very notable speech that the world order was "fractured."
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Rules-based trade with US is 'over': Canada central bank head
The era of rules-based trade with the United States is "over," Canada's central bank governor said Wednesday, echoing a stark warning from the the country's prime minister that President Donald Trump's impact on global trade is permanent.
"It is clear that the era of open and regulated trade with the US has ended," said the Governor of the Bank of Canada, Tiff Macklem, quoted by the French Presse Agency (AFP). Last week, Canada's prime minister, Mark Carney, called on the World Forum, in Davos, to join the "medium powers" against the hegemonic forces. In response, US President Donald Trump warned that Carney should "be careful with what he says", stressing that "Canada exists bec…
'Unpredictable' policies: Rules-based trade with US is 'over': Canada central bank head
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