Bank of Canada's Tiff Macklem says U.S. tariffs ‘biggest headwind’: Report

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Bank of Canada Governor Tiff Macklem called President Donald Trump’s tariffs the “biggest headwind” for the country, given the close integration of the two economies, according to the New York Times.

In an interview with the newspaper, Macklem said the “most important imperative” is for Canada to reach a new trade deal with the U.S., even as its businesses look to diversify.

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While the impact of the tariffs isn’t showing up yet in economic data, policymakers will be “carefully” tracking the extent to which they impact consumer prices, Macklem told the New York Times.

Trump in March announced a 25% tariff on an array of Canadian goods, prompting its neighbor to impose retaliatory levies on certain U.S. products.