Governor of the Bank of Canada Tiff Macklem participates in a news conference on the Bank’s interest rate announcement in Ottawa, on April 16, 2025. The Canadian Press/Justin Tang
Bank of Canada Governor Tiff Macklem said Canada was too slow to reduce its economic dependence on the United States, and should have used the aftermath of the 2009 recession as an opportunity to diversify trade.
“The recession of 2009 highlighted just how vulnerable we are to a drop in U.S. demand. And back then, everybody was talking about diversifying away from the United States. But the reality is, not much happened. This time, we need to follow through,” Macklem said in Saskatchewan on Sept. 23.
