The Globe and Mail reports in its Wednesday, June 18, edition that members of the Bank of Canada governing council expressed concerns that inflationary pressures from trade disruptions could persist. A Reuters dispatch to The Globe reports that the central bank kept its key rate at 2.75 per cent on June 4, highlighting the impact of U.S. tariffs on Canada and global markets. Meeting minutes revealed that the council considered strong inflation data and spent significant time discussing how trade policy affects prices. "Underlying inflationary pressures could persist for an extended period as consumers and businesses adapt to the rewiring of global trade," the minutes said, even as the members acknowledged there could be downward pressure on prices too. Businesses have been reporting that they would pass on higher costs stemming from trade disruptions, the members noted, adding that surveys showed that even consumers see prices rising. Canada's annual inflation rate fell to 1.7 per cent in April owing to some tax removal, but closely tracked core measures of inflation rose above the bank's target range of 1 to 3 per cent in the same month, stoking concerns that inflation was firming up.