On Canada-U.S. trade war:
“The Canadian economy is being affected by both U.S. tariffs and the unpredictability of U.S. trade policy.”
“Tariffs are having a profound effect on several key sectors, including the auto, steel and aluminum industries. Chinese tariffs on canola, pork and seafood, new U.S. tariffs on copper, and higher US tariffs on softwood lumber will spread the direct impacts further.”
Consumer prices may spike without warning:
“The disruptive effects of shifts in trade will add costs, even as they weigh on economic activity. It is difficult to predict the extent of cost increases, where they will show up, and how they could be passed through to consumer prices.”
A clear consensus to cut:
“There was clear consensus to lower our policy rate for the first time since March. We will continue to assess the impacts of tariffs and uncertainty on economic activity and inflation.”