In an interview with Reuters, BoC Governor Tiff Macklem warned that the global environment faces an unusually high risk of fresh disruptions. He said geopolitical risks are “elevated” and that the potential for new shocks has increased materially. He also cited attacks on the independence of the Fed as an added source of uncertainty this year. He said the level of uncertainty makes it difficult to meaningfully assess probabilities. Macklem pointed to renewed tariff threats from the White House and the upcoming review of the US-Mexico-Canada trade framework as clear risks to the outlook, on top of broader global uncertainties.