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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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Hurricane Flossie Gains Strength Off Mexico’s Pacific Coast, Triggers Weather Alerts

Hurricane Flossie has rapidly intensified into a Category 1 hurricane off Mexico’s southwestern Pacific coast, packing sustained winds of 85 mph (140 kph) as it churns west-northwest away from land. The U.S. National Hurricane Center confirmed the storm’s upgrade late Monday night, placing it approximately 160 miles (260 km) south of Manzanillo.

Although Flossie’s center is expected to remain offshore, its outer bands are forecast to bring 2 to 6 inches of rain across the Mexican states of Guerrero, Michoacán, Colima, and Jalisco through Wednesday. Authorities warn of life-threatening flooding and mudslides, especially in mountainous regions.

Mexico’s government has issued a tropical storm warning from Punta San Telmo to Playa Perula, with a watch in effect from Zihuatanejo to Cabo Corrientes. Coastal communities are also bracing for dangerous surf and rip currents as the storm generates powerful swells.

Forecasters expect Flossie to strengthen further over the next 36 hours before weakening as it moves over cooler waters later in the week.


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