Long-threatened tariffs from U.S. President Donald Trump have plunged the country into trade wars abroad — all while on-again, off-again new levies continue to escalate uncertainty.

The central bank highlighted key risks to the Canada’s financial system on Thursday in its Financial Stability Report (FSR). U.S. President Donald Trump’s protectionist trade policies roiled global markets last month and tariffs remain a source of uncertainty for the Canadian economy.

The Trump administration’s tariffs on US imports and Canada’s retaliatory actions have major implications for Canadian companies and their commercial transactions. Counsel should understand the resulting contract issues and the potential use of contract clauses or other avenues that may provide relief for affected companies.