The Bank of Canada is likely to cut interest rates for a seventh straight meeting as the country braces for a trade war that will plunge the economy into recession unless there's a swift resolution.

The Bank of Canada trimmed its key policy rate by 25 basis points on Wednesday to 2.75% and raised concerns about inflationary pressures and weaker growth stemming from trade uncertainty and President Donald Trump's tariffs.

The Bank of Canada cut interest rates by a quarter percentage point and called the trade battle with the US a “new crisis,” but pushed back on expectations that policymakers were on a predetermined cutting path.