Paul Beaudry on tariffs
From Trump's tariffs are all about financing tax cuts: Former BoC deputy gov. · · BNN Bloomberg
“These tariffs are a revenue-raising measure. It's a tax grab because Trump would like to go ahead prolonging or keeping with massive tax cuts he pushed through previously.”
On , Paul Beaudry, Deputy Governor at Bank of Canada, spoke about tariffs during Trump's tariffs are all about financing tax cuts: Former BoC deputy gov. on BNN Bloomberg.
About Paul Beaudry
Paul Beaudry, a former deputy governor of the Bank of Canada and now a senior economic advisor at Bennett Jones, has continued to comment on monetary policy and economic conditions. In January 2026, he described the Bank of Canada's approach as a "wait and see" one following a decision to hold the key interest rate, noting the difficulty of planning given uncertainty around U.S. trade policy. In March 2025, Beaudry argued that U.S. tariffs under the Trump administration are primarily a "revenue-raising measure" intended to finance tax cuts, and he stated that the uncertainty created by tariffs has prompted discussion in Canada about reducing dependence on the U.S. market. Beaudry has also discussed the Bank of Canada's rate-cutting cycle. In late 2024, he said he expected the bank to continue cutting rates, citing falling inflation and core measures moving into a favorable range. He estimated the policy rate could fall to around 4% by the end of the year and suggested there could be up to three more cuts. In 2023, while still at the Bank of Canada, Beaudry assessed the likelihood of a "soft landing" for the Canadian economy at 60–70%, warning that if inflation remained sticky it could require further rate increases and push the economy into recession.