The Financial Post reports in its Thursday edition that the Bank of Canada would have maintained its policy rate at 3 per cent in March if there had not been any trade uncertainty with the United States, says a summary of the discussions released on Wednesday. The Post's Jordan Gowling writes that the summary said: "While members (of the governing council) expressed some differences on how the unexpected economic strength in the second half of 2024 influenced their assessment of risks, there was general agreement that the new data had shifted the balance, with somewhat less risk of lower inflation outcomes. They agreed that, in the absence of tariff threats and elevated uncertainty, the decision would probably have been to maintain the policy interest rate at 3 per cent." The BOC cut the policy rate by 25 basis points to 2.75 per cent. Governor Tiff Macklem warned that the economic impact of U.S. tariffs could be severe, depending on their duration. President Donald Trump imposed 25-per-cent tariffs on Canadian steel and aluminum imports on March 12 and is expected to announce reciprocal tariffs on April 2, raising uncertainty about the exemption status of Canadian goods under the Canada-U.S.-Mexico Agreement (CUSMA).