加拿大央行行长：关税政策冲击市场信心 美元避险地位受损

Core Viewpoint - The Bank of Canada's Governor Tiff Macklem expressed concerns that U.S. trade policies under President Trump may undermine the dollar's status as a global safe asset, leading to a potential decline in the U.S.'s dominance in global capital flows [1][2]. Group 1: Impact of U.S. Trade Policies - Macklem indicated that the imposition of new tariffs by the U.S. has weakened global confidence, contrary to expectations that tariffs would support the dollar's value [1][2]. - The dollar has depreciated by approximately 10% against other major currencies since the beginning of the year, raising questions about its role as a safe-haven currency [1][2]. Group 2: Financial Stability Risks - Macklem warned that changes in trade patterns, international capital flows, unsustainable U.S. fiscal deficits, and ongoing trade imbalances could increase risks to financial stability [2]. - The shift towards protectionism in the U.S. is disrupting supply chains, raising prices, and potentially leading to a prolonged economic downturn for Canada and the global economy [2]. Group 3: Recommendations for Canada - Macklem urged the Canadian government and businesses to implement measures beyond monetary policy to mitigate the impact of tariffs, emphasizing the need for increased investment, productivity, and market expansion [2]. - Suggested actions include enhancing interprovincial trade, exploring new overseas markets, and reducing regulatory uncertainty to attract investors [2].