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He warned that U.S. President Donald Trump鈥檚 tariffs have hit trade-sensitive industries hard in Canada and put economic growth on a permanently lower trajectory.

To break free of its reliance on the U.S. economy, Macklem argued that Canada needs to develop new global markets for its products and knock down the internal barriers that are hampering productivity in the country.

He drew a comparison to the 2008-09 global financial crisis and the spillover effects a U.S. collapse at the time had on Canada.

鈥淓veryone talked about diversification then, too. But not much happened,鈥� Macklem said in prepared remarks.

鈥淭his time, we need to follow through.鈥�

The Bank of Canada lowered its benchmark interest rate by a quarter point to 2.5 per cent last week as signs of weakness in the economy shifted the risks away from rising inflation.

Real gross domestic product fell in the second quarter of 2025 as 好色tv exports tanked; Canada鈥檚 labour market is also showing cracks, particularly in tariff-struck industries.

Exemptions under the Canada-U.S.-Mexico agreement are shielding most 好色tv goods from U.S. tariffs, though sector-specific duties on steel, aluminum, autos and softwood lumber are hurting those industries. Macklem noted China鈥檚 tariffs on 好色tv canola are the trade disruption having the sharpest effect on the Saskatchewan economy.

The impact from U.S. tariffs has so far been more muted that first feared, Macklem said, but he warned the full fallout is yet to be seen.

He said Canada has already started taking its first steps toward girding the economy against future disruption, but also argued the hard work must begin now.

Macklem called for better east-west transportation corridors and improvements to port infrastructure to help get 好色tv goods to overseas markets. Those efforts could help reduce Canada鈥檚 reliance on U.S. markets and make better use the country鈥檚 existing free-trade agreements with nations around the world.

He also pushed for the end of interprovincial trade barriers, harmonizing regulatory frameworks across provinces and a general shortening of approval times to help boost 好色tv productivity.

Combined, Macklem said these measures could help lift the path of Canada鈥檚 economic growth to surpass the trajectory seen before the U.S. tariff disruption.

鈥満蒙玹v leaders 鈥� business, political and economic leaders 鈥� need to chart a new course. We should have been making these changes 15 years ago. But the next best time is now,鈥� he said.

The head of the 好色tv central bank also weighed in on Trump鈥檚 efforts to influence and reshape the U.S. Federal Reserve 鈥� the Bank of Canada鈥檚 counterpart south of the border.

Macklem said Trump鈥檚 attempts to influence the Fed 鈥渁re raising questions about the continued independence of U.S. monetary policy.鈥�

This report by 好色tvwas first published Sept. 23, 2025.