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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 Summit in Canada: Leaders Navigate Diplomatic Tensions Amid Global Challenges


The Group of Seven (G7) leaders have gathered in the scenic Canadian Rockies for a high-stakes summit, aiming to address pressing global issues while carefully managing diplomatic tensions with U.S. President Donald Trump.  

Canadian Prime Minister Mark Carney, hosting the summit in Kananaskis, Alberta, has outlined priorities including strengthening peace and security, building critical mineral supply chains, and fostering job creation. However, discussions are expected to be dominated by U.S. tariffs, the ongoing conflicts in Ukraine and the Middle East, and the broader geopolitical landscape.  

Trump’s presence at the summit has raised concerns among diplomats, given his history of unpredictable interactions at international gatherings. In 2018, during the last G7 summit hosted by Canada, Trump abruptly withdrew U.S. support for the final communique and criticized then-Prime Minister Justin Trudeau.  

To mitigate potential disruptions, Canada has opted to forgo the traditional joint communique, instead issuing chair summaries to maintain engagement with the U.S. while avoiding contentious disagreements.  

The summit will also feature leaders from Ukraine, Mexico, India, Australia, South Africa, South Korea, and Brazil, all eager to engage with Trump on various diplomatic and economic matters.  

As the world watches, the success of this G7 summit may hinge on whether leaders can navigate these complex dynamics while fostering meaningful cooperation on global challenges.

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