The Globe and Mail reports in its Saturday, March 15, edition that Bank of Canada Governor Tiff Macklem says he does not track every post by President Donald Trump on Truth Social, but he is closely monitoring the headlines. The Globe's Mark Rendell writes that many Canadians, including Mr. Macklem, are confused by Mr. Trump's attack on Canada and the rules-based trading system vital for North American prosperity. Mr. Macklem noted uncertainty about the President's intentions, warning that Mr. Trump may hinder growth and fuel inflation on both sides of the border. Mr. Macklem said: "We've had our trade spats before. This does not look like a trade spat. I worry that this is something more fundamental, more durable, and that means our standard of living is going to be on a permanently lower path." The outcomes vary significantly. If the U.S. reduces tariffs, Canada, after seven interest-rate cuts, may experience strong growth in 2025. However, if Mr. Trump maintains his protectionist stance, Canada could face a recession soon and struggle with a difficult adjustment as its export-oriented industries lose access to the U.S. market. In this scenario, monetary policy can only ease the transition to a less efficient economy.