Regardless of what transpires on the trade policy front, the Bank will still need to better understand the competitiveness issues to assess the extent to which Canada has permanently lost market share and export capacity.10  Yesterday’s decision Let me now turn to Governing Council’s policy deliberations that led to yesterday’s decision.
It will not surprise you to hear that the implications of the current trade environment were front and centre. As I just outlined, we have already incorporated into our forecast the expected negative effects of uncertainty on business investment and exports, as well as the effects of US tariffs and Canadian countermeasures imposed so far.