The Bank of Canada released the following statement on Wednesday: "The Bank of Canada today reduced its target for the overnight rate to 2.75%, with the Bank Rate at 3% and the deposit rate at 2.70%.

The Bank of Canada lowered its benchmark interest rate by a quarter point on Wednesday as the tariff battle with the United States starts to weigh on the Canadian economy. The policy rate stands at 2.75% after the central bank’s seventh consecutive rate cut. The move was widely expected by economists.

The Bank of Canada (BoC) made another 0.25 per cent cut to its key interest rate on March 12, bringing it to 2.75 per cent.