The Bank of Canada lowered its benchmark interest rate by a quarter point to 2.75 per cent as the tariff battle with the United States starts to weigh on the economy. It's the central bank’s seventh consecutive rate cut and was widely expected by economists. Bank of Canada governor Tiff Macklem says "pervasive uncertainty created by continuously changing U.S. tariff threats has shaken business and consumer confidence." (March 12, 2025)