A worker shovels snow in front of the Bank of Canada in Ottawa on Dec. 10, 2025. The Canadian Press/Sean Kilpatrick
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The Bank of Canada’s Governing Council said the upcoming re-negotiation of the United States-Mexico-Canada Agreement (USMCA) poses a threat to the accuracy of its economic and inflation outlook for 2026.
“On trade policy, members agreed that the upcoming review of USMCA was a significant risk,” said a document summarizing the governing council’s most recent deliberations prior to the Dec. 10 interest rate decision, where the Bank kept its key interest rate at 2.25 percent.
Matthew Horwood is a reporter based in Ottawa.
