The Financial Post reports in its Friday edition that the Bank of Canada's governing council believes Canada will be more affected by a prolonged trade war than the U.S., according to minutes released Wednesday. The Post's Jordan Gowling writes that the minutes said: "GDP would be lower in both Canada and the United States, but the GDP loss would be significantly larger for Canada because Canada has a more open economy, and its exports are so concentrated with the United States. Governing Council members also noted that the adverse impact on the level of GDP would be permanent, and the growth of GDP would be reduced until the Canadian economy adjusts to the tariffs." In late January, the BOC cut its policy rate by 25 basis points to 3 per cent to support economic growth amid trade uncertainty with the U.S. The deliberations said: "Members agreed that a 25 basis point cut would be helpful to support growth and better balance inflation risks. Members also agreed that the threat of tariffs had increased uncertainty, and this would weigh on business confidence and investment intentions, as well as consumer sentiment. ... The longer this uncertainty persists, the more it will weigh on economic activity in our countries."