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Canada Opens New Consulate in Greenland, Marking a Milestone in Arctic Diplomacy

  Foreign Affairs Minister Anita Anand, front centre, helps raise the Canadian flag at the new Canadian consulate in Nuuk, Greenland, on Friday.   Canada has officially inaugurated its new consulate in Nuuk, Greenland, a move that underscores the country’s growing commitment to Arctic cooperation and northern diplomacy. The opening ceremony was led by Governor-General Mary Simon, whose long-standing advocacy for Inuit and circumpolar collaboration added symbolic weight to the event. The ceremony featured the raising of the Canadian flag and remarks highlighting the deep cultural, historical, and geographic ties between Inuit in Canada and Greenland. Officials emphasized that the new consulate will strengthen partnerships on climate research, economic development, and regional security—areas of increasing global interest as the Arctic continues to transform. The consulate’s establishment also signals Canada’s intention to play a more active role in circumpolar affairs, ensur...
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Bank of Canada Cuts Rate by Quarter Point Amid Tariff Uncertainty

The Bank of Canada announced a quarter-point reduction in its key interest rate on Wednesday, bringing it down to 3%. This marks the sixth consecutive rate cut since June 2024. The central bank cited stabilized inflation and a strengthening economy as reasons for the cut. However, it also highlighted the looming threat of U.S. tariffs as a significant source of uncertainty.

Governor Tiff Macklem emphasized that while the economy is showing signs of improvement, the potential for broad-based tariffs could pose a major challenge. The Bank of Canada revised its GDP growth forecast downward to 1.8% for 2025 and 2026, factoring in lower population growth and increased policy uncertainty.

The central bank presented several scenarios in which tariffs could impact the economy, projecting a potential reduction in GDP by 2.4% in the first year if tariffs are imposed. Macklem stated that the bank would closely monitor developments and assess the implications for economic activity and monetary policy.

The decision to cut rates comes as the U.S. threatens to impose 25% tariffs on Canadian goods. The Bank of Canada warned that such tariffs could lead to a recession in Canada, but it also indicated that it might refrain from further monetary policy support to avoid reigniting inflation.

The central bank's cautious approach reflects the delicate balance it must maintain in the face of economic uncertainties and the potential for a trade war with the U.S.




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