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May 8, 2025 6:03 PM - Connect Newsroom

Bank of Canada warns trade war poses financial stability risks

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The report said that a global trade war that lasts for a long time would have serious economic consequences. (Photo: The Canadian Press)

The Bank of Canada has warned that the trade war poses a major threat to the Canadian economy, which could increase risks to Canadian financial stability, which would damage banks and other financial institutions and make it difficult for households and businesses to repay loans.

In its annual Financial Stability Report released on Thursday, the central bank said that if it had not been for Trump's trade war, the Canadian economy would currently be in a strong position, but now there are concerns that the high level of uncertainty about US trade policy could derail financial markets.

The report said that a global trade war that lasts for a long time would have serious economic consequences. Governor Tiff McCallum said that our analysis is not just a forecast, it is an assessment of uncertainty.

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