Hello, welcome to Politics Insider. Let’s look at what happened today.

The Bank of Canada cut its benchmark interest rate by a quarter-point today, lowering borrowing costs for the first time since March as U.S. tariffs continue to batter the Canadian economy.

Mark Rendell reports that, as widely expected, the bank’s governing council voted to lower the policy rate to 2.5 per cent from 2.75 per cent . This follows three consecutive rate decisions where the central bank remained on hold.

Elsewhere, a South Korean company has made the short list to supply Canada with a fleet of submarines.

If Ottawa ultimately picks Seoul-based Hanwha, it would be the first time Canada has purchased a major weapons system from a non-Western supplier.

Steven Chase reports today that such a decision

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