Global News on Youtube has the story.
Bank of Canada Governor Tiff Macklem issued a stark warning during a speech to members of the Mississauga Board of Trade on Friday, saying that the hit to the Canadian economy from broad-based tariffs would be permanent.
“In the pandemic, we had a steep recession followed by a rapid recovery as the economy reopened,” Macklem said. “This time, if tariffs are long-lasting, there won’t be a bounceback.”
Macklem said the impact of U.S. President Donald Trump’s tariffs would “all but wipe out growth in the economy” for 2025 and 2026.
He said Canada could offset some of the impacts of tariffs by making structural changes, such as removing restrictions on interprovincial trade and “harmonizing or mutually recognizing provincial regulations.”
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