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Tiff Macklem

Governor, Bank Of Canada

Search every verified Tiff Macklem interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Tiff Macklem, Governor of the Bank of Canada, has been publicly addressing the ongoing Canada-U.S. trade conflict and its economic impacts. In speeches and press conferences, Macklem stated that Canada has experienced "several stages of grief over the death of open trade with the United States," describing a shift from shock and denial to coping and adaptation. He noted that businesses are adjusting supply chains, diversifying exports, and investing in new technologies, contributing to a rebound in economic growth during the second quarter. However, he warned that new U.S. tariffs could threaten the sustainability of this recovery, potentially halving growth in the fourth quarter to below 1% if they remain in place. Macklem also said that the affected products represent about 5% of Canada's goods exports to the U.S., and that federal support programs should mitigate some of the harm. On monetary policy, the Bank of Canada held its key interest rate at 2.25% in September 2026, citing rising inflation risks from persistently high energy prices linked to the Middle East conflict, alongside uncertainty from the trade war. Macklem said inflation was running around 3%, largely due to gasoline prices, and that the bank was monitoring for signs of spillover into other goods and services. He expressed skepticism about returning to the previous trade relationship with the U.S., stating, "I don't think we're going to get back to where we were," while emphasizing that lower tariffs would benefit both countries. Macklem also participated in the unveiling of a redesigned $20 bank note featuring King Charles III, scheduled to enter circulation in February 2027, highlighting its advanced security features and the note's significance as the most-used denomination in Canada.

Recent appearances

  • BREAKING NEWS: Mélanie Joly CONFRONTS Trump as Macklem Declares “DEATH OF OPEN TRADE”

    September 27, 2026 · 📺 newsalert

    BREAKING NEWS: Mélanie Joly CONFRONTS Trump as Macklem Declares “DEATH OF OPEN TRADE” Canada’s trade relationship with the United States is facing a major shift, and Mélanie Joly says Ottawa is preparing for tariffs that could last beyond the Trump administration. In this video, we examine Joly’s remarks to Bloomberg on September 22, where she discussed the bipartisan support for tariffs in Washington and why Canadian manufacturers may need to prepare for continued barriers in the U.S. market. We also hear Joly speaking in Laval and on Parliament Hill about Canada’s long-term industrial strate…

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  • ‘...Death Of Open Trade With US’: Bank Of Canada Governor Gives Chilling Warning Amid Trump Tariffs

    September 22, 2026 · 📺 Hook Global

    The Canada-U.S. trade relationship is facing a major shift as tariffs and uncertainty continue to weigh on businesses and the economy. Bank of Canada Governor Tiff Macklem explains how Canadian companies are adapting, the risks facing growth and inflation, and why the changing trade landscape could have lasting consequences. He also outlines what policymakers are watching closely in the months ahead. #Canada #TrumpTariffs #USCanada #TradeWar #BankOfCanada 0:00 – Bank Of Canada Governor On Trump Tariffs 2:34 – ‘Death Of Open Trade’ With The US 5:00 – Tariffs Hit Auto, Steel & Aluminum Sectors…

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  • Bank of Canada unveils new $20 bill featuring King Charles III – September 3, 2026

    September 03, 2026 · 📺 cpac

    Governor General Louise Arbour, Bank of Canada Governor Tiff Macklem, and Secretary of State Wayne Long participate in a ceremony in Ottawa for the unveiling of the redesigned $20 bank note. The new bill features a portrait of King Charles III, whose image replaces that of the late Queen Elizabeth II. It is expected to enter circulation in February 2027.

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  • "I don’t think we’re going to get back to where we were": Bank of Canada governor on US trade

    September 02, 2026 · 📺 Global News

    For more info, please go to https://globalnews.ca At a press conference on Wednesday, the Bank of Canada held its key interest rate at 2.25 per cent Wednesday, as it weighs rising inflation risks against renewed uncertainty from the Canada-U.S. trade war. Governor Tiff Macklem warned new U.S. tariffs could threaten the durability of Canada’s economic rebound, even as businesses and workers adapt to the trade disruption.  The Bank is also watching persistently high energy prices, with Macklem saying it is prepared to raise rates more than once if necessary, if inflation remain too high.  “I…

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  • Bank of Canada governor takes questions after holding key rate at 2.25%

    September 02, 2026 · 📺 CBC News

    Bank of Canada governor Tiff Macklem and senior deputy governor Carolyn Roger are taking questions after the central bank held its key interest rate steady as Canada remains embroiled in a trade fight with the U.S. »»» Subscribe to CBC News to watch more videos: http://bit.ly/1RreYWS For breaking news, video, audio and in-depth coverage: https://www.cbc.ca/news Follow CBC News on TikTok:   / cbcnews   Subscribe to CBC News on Snapchat: https://bit.ly/3leaWsr Subscribe to CBC News on WhatsApp: https://www.whatsapp.com/channel/0029... Download the CBC News app for iOS: http://apple.co/25mpsUz…

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  • U.S. tariffs expected to ‘hit targeted sectors hard': Macklem

    September 02, 2026 · 📺 CTV News

    Bank of Canada Governor Tiff Macklem on holding the key interest rate at 2.25 per cent and explains the potential impacts of tariffs on the economy. Subscribe to CTV News to watch more videos:    / ctvnews   Connect with CTV News: For live updates and latest headlines visit: http://www.ctvnews.ca/ For breaking news, fast, download the CTV News App: https://www.ctvnews.ca/app Must-watch stories and full programs at http://www.ctvnews.ca/video CTV News on TikTok: https://www.tiktok.com/discover/CTV-News CTV News on X (formerly Twitter):   / ctvnews   CTV News on Reddit:   / ctvnews   CTV N…

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  • Tiff Macklem speaks to reporters after Bank of Canada holds key rate at 2.25%

    July 15, 2026 · 📺 CTV News

    Bank of Canada governor Tiff Macklem discusses his decision to keep the policy rate at 2.25 per cent. ** Subscribe to CTV News to watch more videos:    / ctvnews   Connect with CTV News: For live updates and latest headlines visit: http://www.ctvnews.ca/ For breaking news, fast, download the CTV News App: https://www.ctvnews.ca/app Must-watch stories and full programs at http://www.ctvnews.ca/video CTV News on TikTok: https://www.tiktok.com/discover/CTV-News CTV News on X (formerly Twitter):   / ctvnews   CTV News on Reddit:   / ctvnews   CTV News on LinkedIn:   / ctv-news   --- CTV Ne…

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  • Tiff Macklem speaks to reporters after Bank of Canada holds key rate at 2.25%

    July 15, 2026 · 📺 BNN Bloomberg

    Bank of Canada governor Tiff Macklem discusses his decision to keep the policy rate at 2.25 per cent. +++ Subscribe to BNN Bloomberg to watch more videos:    / bnnbloomberg   Connect with BNN Bloomberg: For the latest news visit: https://www.bnnbloomberg.ca For a full video offering visit BNN Bloomberg: https://www.bnnbloomberg.ca/video BNN Bloomberg on Twitter:   / bnnbloomberg   BNN Bloomberg on LinkedIn:   / bnn-bloomberg   -- BNN Bloomberg is Canada’s only TV service devoted exclusively to business, finance and the markets. #BNNBloomberg #Canadiannews #Businessnews

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  • Bank of Canada governor takes questions after interest rate decision

    July 15, 2026 · 📺 CBC News

    Bank of Canada governor Tiff Macklem is taking questions from reporters after the central bank's latest interest rate decision. »»» Subscribe to CBC News to watch more videos: http://bit.ly/1RreYWS For breaking news, video, audio and in-depth coverage: https://www.cbc.ca/news Follow CBC News on TikTok:   / cbcnews   Subscribe to CBC News on Snapchat: https://bit.ly/3leaWsr Subscribe to CBC News on WhatsApp: https://www.whatsapp.com/channel/0029... Download the CBC News app for iOS: http://apple.co/25mpsUz Download the CBC News app for Android: http://bit.ly/1XxuozZ »»»»»»»»»»»»»»»»»» For m…

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  • When will rates finally fall? | Tiff Macklem, Carolyn Rogers grilled on Bank of Canada's next move

    July 15, 2026 · 📺 Canada Info

    Bank of Canada governor Tiff Macklem and senior deputy governor Carolyn Rogers answer questions from the media after the interest rate announcement on July 15, 2026. Video link:    • When will rates finally fall? | Tiff Mackl...   Stay informed on the issues that matter. Subscribe to Canada Info today:    / @canada-info   #cdnpoli #CanadianPolitics #CanadaInfo

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  • ‘We will not let higher oil prices become persistent inflation’: Macklem on holding interest rate

    July 15, 2026 · 📺 CTV News

    Bank of Canada Governor Tiff Macklem explains the reasoning behind holding the policy rate, saying global growth has been ...

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  • Is the Bank of Canada overly optimistic? Tiff Macklem can't explain conflicting economic data

    July 15, 2026 · 📺 Canada Info

    Business sentiment is down, trade uncertainty is up, and yet the Bank of Canada says we’re on a path to growth. How does that add up? Watch as Governor Tiff Macklem explains why the Bank is maintaining its "baseline forecast" despite clear warning signs in the housing market and a difficult trade relationship with the U.S. Video link:    • Is the Bank of Canada overly optimistic? T...   Stay informed on the issues that matter. Subscribe to Canada Info today:    / @canada-info   #cdnpoli #CanadianPolitics #CanadaInfo

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Verified interview transcripts

Notable quotes

“If these new US tariffs remain in place, they will hit affected sectors hard. Unfortunately, there is no question about that. But when we look at the overall economy, we don't expect a large direct impact. The affected products represent about 5% of Canada's goods exports to the United States and federal government support programs should mitigate some of the harm. But it's the unpredictability. The unpredictability ”

“I don't think it's an exaggeration to say that Canada has gone through several stages of grief over the death of open trade with the United States. We've moved through some combination of shock, denial, and anger to coping and responding. Businesses are facing a similar adjustment process as they confront major structural forces. And broadly speaking, I see three stages. First, businesses reassess. They need to under”

“The advanced and dynamic security features on this new note are easy to check and hard to fake. This is important because Canadians use the $20 bank note more than any other denomination, and we want to make sure Canadians can use it with confidence and pride.”

“The new $20 note we are unveiling today is the second note in our vertical series. The first, our $10 bank note features civil rights pioneer Viola Desmond, the first Canadian-born woman to appear on a regularly circulating Canadian bank note.”

“We didn't want this trade war. We have a Canada, US, Mexico trade agreement. Canada signed it. This US administration signed it. These tariffs contravene that agreement.”

“The longer oil prices and refinery margins stay high, the greater the risk that higher energy prices spill over and turn into persistent inflation.”

Other executives at Bank Of Canada

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