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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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Canadian Man Dies in U.S. Immigration Custody Amid Deportation Proceedings

A 49-year-old Canadian citizen, Johnny Noviello, has died while in the custody of U.S. Immigration and Customs Enforcement (ICE) in Florida. According to ICE, Noviello was found unresponsive on Monday at the Federal Detention Center in Miami and was pronounced dead the same day despite medical intervention.

Noviello had been a lawful permanent resident of the United States since 1991, having entered the country legally in 1988. In 2023, he was convicted of drug trafficking and racketeering charges in Volusia County, Florida, and sentenced to 12 months in prison. ICE arrested him in May 2025 at a Florida probation office, initiating removal proceedings based on his prior convictions.

The cause of death remains under investigation. Global Affairs Canada has been contacted for comment, and ICE has stated that more information will be released as it becomes available.

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