Bank of Canada Says U.S. Tariffs on Canadian Goods Climb Five Points

The Bank of Canada said the effective U.S. tariff rate applied to Canadian goods has risen by roughly five percentage points, adding to existing trade frictions between the two countries. The central bank released an analysis outlining the current tariff environment and two alternative scenarios—one assuming even higher duties and another envisioning reduced barriers. The study warns that the latest increase could damp Canadian export volumes and disrupt cross-border supply chains, creating additional headwinds for economic growth.