Bank of Canada officials acknowledged the economic uncertainty created by a potential trade battle supported their decision to cut interest rates last month.

U.S. President Donald Trump’s tariffs would push Canada’s economy into a recession and cause unemployment to surge, BMO’s chief economist said in a research note, likely pushing the Bank of Canada to cut its benchmark interest rate at its next six meetings through October.

The potential for a long trade war with the United States, and the uncertainty it brings even if the threat isn’t realized, weighed heavily on the Bank of Canada’s governing council when it decided to cut interest rates last month.