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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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Russia Calls for Israeli Restraint Amid Escalating Tensions with Iran



Russia has urged Israel to exercise restraint in its ongoing conflict with Iran, emphasizing Tehran's right to self-defense. Deputy Foreign Minister Sergei Ryabkov stated that Israel must show "restraint and common sense" as the crisis unfolds.  

The confrontation escalated after Israel launched strikes against Iran's nuclear sites and military leadership last Friday, prompting Iran to retaliate with missile attacks on Israeli cities. Russia, which has a strategic partnership with Iran, expressed concerns over the potential consequences of strikes on nuclear infrastructure and their impact on global markets.  

The Kremlin also highlighted its willingness to mediate between the two nations, offering to remove highly enriched uranium from Iran and convert it into civilian reactor fuel as a possible solution to defuse tensions over Tehran's nuclear program.  

Russian President Vladimir Putin and Turkish President Tayyip Erdogan discussed the situation in a phone call, agreeing that the conflict poses significant risks to regional stability and calling for an immediate cessation of hostilities.  

As diplomatic efforts continue, the international community watches closely, hoping for a resolution that prevents further escalation in the Middle East.

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