The Financial Post reports in its Thursday, June 19, edition that Bank of Canada Governor Tiff Macklem called the announcement of Canada and the U.S. negotiating a new trade and security deal within 30 days "welcome news" due to Canada's dependence on the U.S. market. The Post's Jordan Gowling writes that Mr. Macklem said during a speech in front of the St. John's Board of Trade: "Restoring open trade between our countries is critical to jobs and growth in Canada. It is also important for prices and inflation." Earlier this month, the BOC decided to hold its policy rate at 2.75 per cent for the second time in a row as uncertainty over U.S. trade policy remains high. During his speech Mr. Macklem highlighted how trade disruptions have impacted the Canadian economy, with U.S. tariffs still in place on Canadian steel, aluminum and motor vehicles. Retaliatory tariffs also remain in place on nearly $60-billion worth of U.S. goods, although some carve-outs have been announced by the federal government. Mr. Macklem said the impact of these tariffs on inflation has proven to be complicated, with additional firmness in consumer price index (CPI) data in April, when measures of core inflation began heating up.