Bank of Canada sticks with rate hike bias despite NAFTA uncertainty

December 18, 2017

The Bank of Canada is leaving the door open to further interest rate hikes in early 2018, making it clear that a number of uncertainties that could derail the economy, such as NAFTA renegotiation, are a reason for caution but not inaction.

Investors worry that terminating the North American Free Trade Agreement (NAFTA) could hurt Canada’s economy and pressure its currency and a survey released on Friday by the nation’s export credit agency underscored those concerns.

Canada sends 75 percent of all goods exports to the United States and could be badly hit if Washington walks away from NAFTA, which Trump has blamed for American job losses and big trade deficits for his country.

This was excerpted from the 15 December 2017 edition of Reuters Canada.

Topic(s)

Trade Agreements

International Trade and Border Management

Information source

Canadian News Channel

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