Bank CEO Sees Silver Lining in Tariff Response
National Bank CEO Laurent Ferreira says tariffs will make business 'difficult' due to economic uncertainty and challenges, but remains 'encouraged' by Canada's response. The US imposed 50% tariffs on $28 billion worth of Canadian products after talks collapsed, and Ottawa answered with dollar-for-dollar retaliatory tariffs set to take effect September 8.
Ferreira credited a federal support package announced the day before as 'welcome' relief for affected businesses and workers, part of a $7.5 billion tariff-relief package unveiled alongside its retaliatory tariffs.
He said discussions with clients and partners point to one conclusion: Canada is taking the right steps to strengthen its economy, with fiscal room to continue doing so through reindustrialization, infrastructure, defence, and energy investments.
The Office of the Superintendent of Financial Institutions (OSFI) lowered the Domestic Stability Buffer to 3% from 3.5%, freeing up roughly $74 billion in capital across the big six banks, translating into as much as $673 billion in additional lending capacity.