The Bank of Canada stated in the minutes of the monetary policy meeting on June 4, 2025, that the global economy has shown some resilience against the backdrop of repeated adjustments in U.S. tariffs since the April policy report. Although the U.S.-China trade war has eased and tariffs have been reduced, overall U.S. tariffs have still significantly increased, trade policy remains unpredictable, and global uncertainty remains high. The Governing Council decided to maintain the policy interest rate at 2.75% and indicated that it would continue to carefully assess the interest rate path in the future based on the direction of U.S. trade policy and its impact on the Canadian economy and inflation.