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Feb 21, 2025 7:47 PM - Connect Newsroom

Bank of Canada Governor Warns of Economic Damage from US Tariffs and Retaliatory Measures

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. He explained that the tariffs would permanently reduce Canada's output, a blow greater than that of the pandemic.(Photo: The Canadian Press)

Bank of Canada Governor Tiff Macklem has warned that US tariffs and Canada’s retaliatory measures will have a devastating impact on the economy, potentially derailing growth and causing inflation to rise again.

Speaking at an event hosted by the Mississauga Board of Trade and the Oakville Chamber of Commerce on Friday, Macklem emphasized that the economic shock from the tariffs would be significantly different from the shock caused by the Covid-19 pandemic. He explained that the tariffs would permanently reduce Canada's output, a blow greater than that of the pandemic.

Additionally, Macklem stated that the tariffs would lead to lower exports, which would decrease domestic income, while the retaliatory tariffs would raise the cost of American goods coming into Canada. The central bank governor highlighted that exports to the US account for about a third of Canada’s national income.

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