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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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G7 Leaders Stand Firm on Israel’s Right to Defend Itself Amid Escalating Middle East Tensions

 

At the ongoing G7 summit in Canada, world leaders have issued a strong statement affirming Israel’s right to self-defense while condemning Iran as a principal source of regional instability and terror. The declaration comes as the conflict between Israel and Iran intensifies, with missile strikes exchanged for several consecutive days.

The G7 nations—Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States—emphasized that Iran must never possess a nuclear weapon and urged a broader de-escalation of hostilities, including a ceasefire in Gaza. The leaders also expressed concerns about the potential impact on global energy markets and pledged to coordinate efforts to safeguard stability.

U.S. President Donald Trump left the summit early, reportedly to focus on negotiations aimed at resolving the crisis. French President Emmanuel Macron hinted that Trump had made an offer for a ceasefire between Israel and Iran, though Trump later dismissed the claim.

As the conflict continues to unfold, the G7’s unified stance signals a commitment to regional security and diplomatic resolution, though the path forward remains uncertain.

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