Canadian government officials and business leaders mounted a crisis response that drew parallels with the COVID pandemic after U.S. President Donald Trump signed an order to put 25% tariffs on almost everything the U.S. buys from Canada.
Officials arranged a meeting with the chief executive officers of Canada’s major banks and the governor of the Bank of Canada, Finance Minister Dominic LeBlanc said Sunday. The head of Canada’s bank regulator was also invited to join the call, according to a person with knowledge of the situation who asked not to be named discussing confidential matters.
The meeting was expected to discuss possible government aid and regulatory responses, such as changes in bank capital rules, to support Canadian businesses, the person said. Similar meetings were common as the COVID crisis unfolded in early 2020. At that time, bank capital rules were relaxed to allow more lending to help the economy.
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