BOC warns of fallout from trade uncertainty
Expert says it’s unclear what global tariffs will mean
Even with reassuring trade news out of the United States, a senior Bank of Canada official warned Thursday of serious consequences related to steel and aluminum tariffs as he sent signals the bank’s in no rush to raise interest rates.
Deputy governor Timothy Lane said in a speech that the central bank is closely watching the uncertainty surrounding global trade tensions, competitiveness issues and the future of the North American Free Trade Agreement.
But even as he underlined the many significant economic unknowns, Lane also delivered an upbeat message about the health of the Canadian economy and