The Bank of Canada is holding the line on interest rates after seven consecutive rate decreases, maintaining the 2.75 per cent rate set in March.

Bank of Canada Governor Tiff Macklem says continued uncertainty caused by tariff policies imposed by U.S. President Donald Trump has led them to hold the line until the economic path forward becomes clearer.

“The dramatic protectionist shift in U.S. trade policy and the chaotic delivery, have increased uncertainty, roiled financial markets, diminished global prospects and increased inflation expectations,” Macklem told reporters yesterday. “The path of U.S. trade policy remains highly unpredictable. There’s also considerable uncertainty about the impacts of a trade war on our economy.”