Bank of Canada cuts interest rate as Amazon clashes with government and debanking concerns rise

The Bank of Canada has cut its benchmark interest rate by a quarter-point to 3 percent and ended its quantitative tightening. The bank warned that a potential trade war with the U.S. could harm the Canadian economy and increase inflation. Amazon is in conflict with the Canadian government over a proposed meeting between its CEO and Industry Minister. This follows Amazon's announcement of layoffs and warehouse closures in Quebec, which the company denies are linked to unionization efforts. Canadian banks are increasingly closing customer accounts without explanation, a process known as debanking. This is due to regulatory pressure to combat financial crime, leading to concerns about clients being unfairly affected.