Canada cuts interest rates, faces tariffs and economic issues

Canada has announced retaliatory tariffs on $29.8 billion worth of U.S. goods, including steel and aluminum, in response to U.S. tariffs. The European Union is also planning countertariffs on $28.3 billion in U.S. products. The Bank of Canada has cut its interest rate by a quarter-point to 2.75%, marking the seventh consecutive cut. The central bank warns that ongoing tariffs could lead to higher inflation and economic stagnation. Hudson’s Bay Co. is restructuring and may close about half of its 80 stores after reporting a $329.7 million net loss. The company is seeking concessions from landlords to remain operational amid financial difficulties.