The Bank of Canada announces an interest rate cut as a cloud of uncertainty looms over the Canadian economy. Economists polled by Reuters widely saw the central bank lowering its key lending rate to 2.75 per cent, which marks its seventh consecutive cut.
The federal government will impose 25 per cent tariffs on U.S. goods worth $29.8 billion in retaliation for steel and aluminum tariffs the administration of U.S. President Donald Trump imposed today. All countries, including Canada, were hit Wednesday with 25 per cent tariffs on steel and aluminum imports into the United States — part of Trump's attempts to realign global trade.
After another chaotic day in Canada-U.S. relations, U.S. President Donald Trump dropped his threat to double tariffs on Canadian steel and aluminum imports after Ontario agreed to pause a surcharge on electricity exports. White House spokesman Kush Desai confirmed a 25 per cent tariff on steel and aluminum, with no exceptions, will go into effect for Canada and all other countries on Wednesday.
The "chaos" in the United States provides an opportunity for British Columbia to recruit more American doctors and nurses, the province's health minister said as she announced changes aimed at fast-tracking the recognition of their credentials. Josie Osborne said "now is the time" for U.S. health workers to make the move.
Premier Doug Ford says U.S. Commerce Secretary Howard Lutnick has committed to lowering U.S. President Donald Trump's tariff on Canadian aluminum and steel back to 25 per cent after Ontario agreed to pause a surcharge on electricity exports to the United States.
The British Columbia Real Estate Association says tariff uncertainty has slowed housing activity. A board report says there were 4,947 residential sales in the province last month, down 9.7 per cent from the same time last year.
