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.
Bank of Canada Governor Tiff Macklem made the comments during an interest rate announcement which held the key rate at 2.25 percent, citing "unpredictable" US trade policies.
kAm|24<=6> 92D C6A62E65=J H2C?65 E92E E96 32?<VD 677@CED E@ 7@C642DE E96 r2?25:2? 64@?@>J 925 8C@H? :?4C62D:?8=J 5:77:4F=E 8:G6? E96 E2C:77D :>A@D65 2?5 E9C62E6?65 3J %CF>A]k^Am
kAm~? (65?6D52J 96 >256 4=62C E92E 96 28C66D H:E9 !C:>6 |:?:DE6C r2C?6J[ H9@ E@=5 E96 (@C=5 t4@?@>:4 u@CF> =2DE H66< E92E E96C6 H@F=5 36 ?@ 8@:?8 324< E@ 2 AC6\%CF>A ?@C>2= :? E96 &$\=65 :?E6C?2E:@?2= DJDE6>]Â k^Am
kAmQxEVD AC6EEJ 4=62C E92E E96 52JD @7 @A6? CF=6D\32D65 EC256 H:E9 E96 &?:E65 $E2E6D 2C6 @G6C[Q |24<=6> E@=5 C6A@CE6CD]k^Am
kAmx? 2 DA6649 E92E 92D 42AEFC65 8=@32= 2EE6?E:@?[ r2C?6J D2:5 Q?@DE2=8:2 :D ?@E 2 DEC2E68J[Q FC8:?8 >:55=6\D:K65 A@H6CD H9@ 92G6 AC6G:@FD=J 36?67:EE65 7C@> E96 DE23:=:EJ @7 &$ 64@?@>:4 5@>:?2?46 E@ C64@8?:K6 E92E 2 ?6H C62=:EJ 925 D6E :E]Â k^Am
kAm|@C6 E92? fd A6C46?E @7 2== r2?25:2? 6IA@CED 8@ E@ E96 &?:E65 $E2E6D 2?5 E96 4@F?ECJ C6>2:?D F?:BF6=J GF=?6C23=6 E@ %CF>AVD AC@E64E:@?:D>]k^Am
kAm|24<=6> D2:5 r2?25:2? 8C@HE9 C6>2:?D DEF?E65 3J &$ A@=:4J]Â k^Am
kAm%CF>AVD 8=@32= D64E@C2= E2C:77D 92G6 9:E r2?252VD 2FE@[ DE66=[ 2=F>:?F> 2?5 =F>36C :?5FDEC:6D 92C5]k^Am
kAmqFE E96 >@DE D6G6C6 5:DCFAE:@?D >2J 36 J6E E@ 4@>6[ |24<=6> DEC6DD65]k^Am
kAm%CF>A 92D D@ 72C 3C@25=J 2596C65 E@ E96 6I:DE:?8 }@CE9 p>6C:42? 7C66 EC256 28C66>6?E[ H9:49 96 D:8?65 2?5 AC2:D65 5FC:?8 9:D 7:CDE E6C>]k^Am
kAm(:E9 E96 &?:E65 $E2E6D‑|6I:4@‑r2?252 p8C66>6?E W&$|rpX DE:== 9@=5:?8[ >@C6 E92? gd A6C46?E @7 2== 3:=2E6C2= EC256 92D C6>2:?65 E2C:77‑7C66]k^Am
kAmqFE E2=<D @? FA52E:?8 E92E 562= 2C6 D6E 7@C E9:D J62C 2?5 E96 %CF>A 25>:?:DEC2E:@? 92D :?5:42E65 :E 4@F=5 D66< >2;@C 492?86D[ @C >2J >@G6 E@ D4C2A E96 A24E 6?E:C6=J[ 2? @FE4@>6 E92E H@F=5 FA6?5 E96 r2?25:2? 64@?@>J]Â k^Am
kAmQ%96 FA4@>:?8 C6G:6H @7 E96 W&$|rpX :D 2? :>A@CE2?E C:D<[Q |24<=6> D2:5]Â k^Am
k9am\ &$ 765 :?56A6?56?46 \k^9am
kAm|24<=6> 2=D@ E@@< 2:> 2E %CF>AVD 2AA2C6?E 677@CED E@ 6I6CE A@=:E:42= :?7=F6?46 @? E96 &$ u656C2= #6D6CG6]Â k^Am
kAmQ%96 &$ u656C2= #6D6CG6 :D E96 3:886DE[ >@DE :>A@CE2?E 46?EC2= 32?< :? E96 H@C=5 2?5 H6 2== ?665 :E E@ H@C< H6==[Q |24<=6> D2:5]k^Am
kAmQp =@DD @7 :?56A6?56?46 @7 E96 u65 H@F=5 27764E FD 2==[Q 96 H2C?65[ 3FE DEC6DD65 E92E 7@C r2?252 E96 4@?D6BF6?46D @7 2 A@=:E:42==J :?7=F6?465 u656C2= #6D6CG6 H@F=5 =:<6=J 36 72C\C6249:?8[ 8:G6? E96 :?E68C2E65 ?2EFC6 @7 E96 ?6:893@C:?8 64@?@>:6D]Â k^Am
kAmp? :?56A6?56?E u656C2= #6D6CG6 :D Q8@@5 7@C p>6C:42[Q |24<=6> D2:5]Â k^Am
kAm%CF>A 92D 366? D66<:?8 E@ @FDE u65 v@G6C?@C {:D2 r@@< @G6C >@CE8286 7C2F5 2==682E:@?D] w6 92D 2=D@ DA@<6? @FE @? E96 25>:?:DEC2E:@?VD :?G6DE:82E:@? :?E@ 492:C>2? y6C@>6 !@H6== @G6C E96 32?<VD 9625BF2CE6CD C6?@G2E:@?]k^Am
kAmx? 2 C2C6 C63F<6 E9:D >@?E9[ !@H6== 4C:E:4:K65 E96 E9C62E @7 4C:>:?2= 492C86D 282:?DE 9:>[ D2J:?8 E9:D H2D 23@FE H96E96C >@?6E2CJ A@=:4J H@F=5 36 Q5:C64E65 3J A@=:E:42= AC6DDFC6 @C :?E:>:52E:@?]Qk^Am
kAm3D^D>Dk^Am
