The Bank of Canada lowered interest rates for the first time since March citing a weaker economy in the face of U.S. President Donald Trump’s tariffs and ongoing uncertainty.

The bank cut its policy rate by 25 basis points, bringing it to 2.5 per cent.

In a press conference Wednesday morning, bank governor Tiff Macklem said the decision was a “clear consensus” among members of the governing council.

“The Canadian economy is adjusting to a different relationship with its biggest trading partner,” he said.

Currently, central bankers are not expecting a recession in Canada, but growth will be slow and “it’s not going to feel good,” cautioned Macklem.

He did not provide guidance on whether future cuts are coming this fall at its Oct. 29 announcement.

“We’re not being as forward-looking

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