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Bank of Canada Freezes Rates as Trump’s Tariff Threat Looms Over Economy

Bank of Canada Holds Rates Steady Amid Tariff Turmoil In a widely anticipated move, the Bank of Canada has opted to maintain its benchmark interest rate at 2.75% for the third consecutive time, as trade tensions with the United States intensify ahead of an August 1 tariff deadline. Economists had unanimously predicted the hold, citing mixed economic signals: while employment remains strong, core inflation continues to hover above the Bank’s target. Governor Tiff Macklem emphasized that monetary policy cannot offset the impact of prolonged trade conflicts, reiterating the Bank’s commitment to price stability for Canadians. The decision comes as President Trump threatens sweeping tariffs on Canadian goods, including a potential 35% blanket rate and sector-specific levies on steel, aluminum, and autos. These measures have injected uncertainty into business planning and consumer confidence, with many firms scaling back hiring and investment. Despite the hold, analysts warn that further...
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Canada Urges Citizens to Leave Middle East Amid Escalating Israel-Iran Conflict

 


As tensions between Israel and Iran reach alarming levels, the Canadian government has issued an urgent advisory for all Canadians in the Middle East to leave the region if possible. The warning comes after Israel launched a large-scale strike on Iranian missile and nuclear sites, prompting Iran to retaliate with drone attacks.

Foreign Affairs Minister Anita Anand emphasized that de-escalation must be the priority, urging all parties to avoid further destabilizing actions. She reiterated Canada's concerns over Iran’s nuclear and ballistic missile programs and advised Canadians in the region to exercise extreme caution and follow local authorities' guidance.

The conflict has already resulted in significant casualties, including the deaths of three top Iranian military leaders. Israel has described its attack as a pre-emptive strike to prevent Iran from developing nuclear weapons, while Iran maintains that its nuclear program is solely for civilian purposes.

With the situation rapidly evolving, Canadians in the Middle East are encouraged to ensure their travel documents are valid and seek commercial options to leave the region safely. The Canadian government continues to monitor developments closely, with Prime Minister Mark Carney convening the National Security Council to assess the crisis.

As diplomatic efforts struggle to contain the conflict, Canada joins international calls for restraint, emphasizing the need for a peaceful resolution to prevent further escalation.

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