中国银行降息，但加元因鹰派通胀消息而加息。中国银行如预期般降息，但加元走强，因央行对进一步宽松表示谨慎，突显出贸易紧张局势和通胀风险。

BOC Cuts Rates but CAD Climbs on Hawkish Inflation Messaging.BOC cut rates as expected, but CAD strengthened as the central bank signaled caution on further easing, highlighting trade tensions and inflation risks.

Forexlive美洲外汇新闻摘要3月12日：中国银行连续第七次降息。尽管特朗普对所有进入美国的钢铁和铝征收25%的关税，欧洲和加拿大也对美国商品征收了一些适度的关税作为报复，但关税的其他消息相对有限。

Forexlive Americas FX news wrap 12 Mar: BOC cuts rates for the 7th consecutive meeting.Although Trump imposed a 25% tariff on all steel and aluminum into the US, and both Europe and Canada retaliated with some modest tariffs on US goods, the other news for tariffs was relatively limited.

加拿大出口部长吴表示，关税违反了美国在美墨加自由贸易协定下的义务。USMCA（美国-墨西哥-加拿大协议）是取代NAFTA的贸易协议。主要变化包括对汽车制造业更严格的规定、更高的工资要求以及改善美国乳制品在加拿大的市场准入。

Canada's Minister of Exports Ng says tariffs violate the US' obligations under USMCA FTA.The USMCA (United States-Mexico-Canada Agreement) is a trade deal that replaced NAFTA. Key changes include stricter rules for auto manufacturing, higher wage requirements, and improved market access for U.S. dairy products in Canada.

标准普尔/多伦多证交所综合指数周三上涨0.7%，至24423点，从四个月低点反弹，因投资者消化了加拿大银行预期的25个基点的降息——自2024年6月以来已放宽225个基点。第四季度的增长已经让位于对经济活动放缓的预测，因为美国贸易紧张局势加剧，关税不确定性增加，以及随着税收抵免的结束，预期通货膨胀率将加速至2.5%。电子商务巨头Shopify飙升3.6%，而主要金融机构扭转了最近的损失，能源生产商在东欧需求改善和供应中断缓解推动油价上涨的背景下支撑了市场。与此同时，特朗普总统对所有钢铁和铝进口征收25%的关税，目标是加拿大，这是美国最大的钢铁和铝供应国。因此，加拿大政府在早先的关税基础上，对210亿美元的美国商品征收关税。

The S&P/TSX Composite Index advanced 0.7% to 24,423 on Wednesday, rebounding from four-month lows as investors digested an anticipated 25-basis point rate cut by the Bank of Canada—its 225bps easing since June 2024. Q4 growth has given way to forecasts of slowing economic activity amid rising U.S. trade tensions, tariff uncertainty, and an expected inflation acceleration to 2.5% with the end of tax credits. E-commerce mega-cap Shopify surged 3.6%, while major financial institutions reversed recent losses, and energy producers supported the market on the back of higher oil prices driven by improved demand and easing supply disruptions in Eastern Europe. Simultaneously, President Trump’s 25% tariff on all steel and aluminum imports—targeting Canada, the largest supplier of these metals to the U.S. Consequently, the Canadian government responded with tariffs on $21 billion of US goods, on top of earlier tariffs.