Navigating tariff uncertainty https://www.bankofcanada.ca/?p=245016 Trade Policy Uncertainty Index (TPU) Broad tariffs, inflation pass-through over 1 year Broad tariffs, inflation pass-through over 2 years Broad tariffs, inflation pass-through over 3 years 18.13 11.49 15.23 18.05 17.72 15.02 18.53 13.32 14.66 13.77 17.65 18.16 14.09 21.04 20.09 9.65 17.75 17.39 20.19 15.21 16.49 14.71 38.55 40.57 56.67 28.54 31.09 25.07 29.84 39.29 29.18 25.89 39.68 24.53 21.27 24.77 43.79 41.83 26.33 25.79 27.71 20.65 24.52 23.16 26.95 24.17 25.32 27.98 30.74 20.38 24.72 15.76 25.10 17.18 12.89 15.66 13.09 25.74 43.54 29.31 35.02 27.75 15.80 16.16 14.71 17.28 17.75 10.97 17.86 17.99 18.86 13.41 18.45 9.88 13.33 17.82 17.83 14.18 11.99 11.45 17.64 14.08 16.53 19.40 19.86 22.50 22.17 28.19 41.56 17.67 19.30 12.79 19.89 25.90 29.19 18.75 32.95 23.23 28.35 16.86 23.36 22.87 20.21 19.12 12.46 17.47 29.45 19.36 22.04 18.09 19.12 15.28 23.60 20.51 16.43 17.88 11.91 21.80 23.37 18.85 23.12 36.10 26.01 20.79 19.10 18.97 32.68 48.29 20.72 22.68 27.09 27.29 26.35 24.50 20.77 17.61 21.07 29.39 27.36 95.83 90.22 67.18 69.19 53.95 42.12 28.65 32.20 26.64 32.87 32.06 27.25 23.22 31.42 28.91 27.24 20.59 26.11 52.30 38.21 37.18 23.89 31.74 27.59 19.87 26.88 26.89 23.33 28.07 25.55 20.72 31.79 25.01 21.42 22.53 26.61 19.37 22.62 29.37 30.00 42.46 90.68 70.44 48.97 39.72 51.62 42.26 32.08 47.29 31.36 26.00 30.02 24.40 26.32 21.68 28.75 19.27 25.87 21.73 25.60 27.23 23.39 25.69 28.33 26.96 28.29 24.57 26.65 36.85 33.42 35.66 25.79 20.03 27.28 46.58 38.66 51.10 49.08 30.59 37.64 39.05 26.44 32.79 40.18 27.25 24.23 23.93 34.36 35.09 30.26 47.65 34.96 47.45 41.20 35.37 36.59 33.19 27.45 39.09 30.58 36.32 34.16 36.05 69.25 50.10 57.85 45.76 35.74 39.65 38.50 45.48 37.68 33.74 32.26 29.38 30.68 22.61 27.57 30.93 26.85 22.05 24.10 32.92 40.49 27.79 43.97 38.37 34.47 39.74 33.27 26.42 36.59 35.14 30.57 42.99 48.00 43.67 44.22 47.94 39.36 33.67 40.56 30.91 38.49 27.84 29.91 26.99 30.37 24.39 25.23 28.19 27.87 29.02 22.62 33.74 32.03 32.51 43.42 28.60 23.73 25.77 26.59 30.65 42.44 42.02 31.66 34.80 50.40 41.98 60.03 36.14 39.58 44.47 40.25 41.18 40.27 43.62 41.72 41.21 32.04 37.77 49.16 43.37 44.26 33.57 51.20 48.56 64.37 83.27 43.02 44.40 47.50 30.96 36.72 44.79 50.89 43.08 49.58 60.86 52.54 37.53 32.41 42.09 45.29 38.41 42.81 46.74 51.01 49.59 37.14 33.85 32.95 35.61 42.43 39.99 39.51 32.44 31.66 32.90 28.66 36.86 30.92 30.69 36.77 36.44 37.74 40.41 39.87 34.01 33.19 30.10 35.44 41.61 32.90 31.29 33.24 39.74 42.74 39.27 44.01 33.83 33.19 35.72 38.61 41.90 51.13 42.27 33.28 39.77 33.89 39.02 50.34 54.21 45.73 49.29 65.30 46.45 52.84 58.23 41.17 46.75 43.89 44.33 54.70 43.62 51.40 51.79 94.97 72.20 37.69 49.54 52.28 46.23 52.02 36.22 37.84 32.89 38.72 38.39 59.42 44.80 40.02 38.49 31.66 35.36 60.58 60.38 38.82 26.04 30.61 28.06 30.51 31.21 39.44 45.67 39.66 33.98 37.47 33.63 30.55 29.09 25.54 26.47 29.23 33.49 26.79 35.16 30.29 32.09 33.64 34.37 30.63 27.38 33.76 36.76 47.08 31.97 30.69 25.53 29.84 30.77 25.66 33.54 36.33 32.31 32.45 33.77 30.20 35.70 34.19 34.41 39.11 34.93 30.32 33.05 31.70 32.25 30.39 32.64 48.94 41.58 32.12 28.18 36.84 35.28 49.33 27.37 31.94 29.21 33.43 25.48 26.90 29.82 25.99 20.65 25.08 34.31 27.79 30.16 34.30 28.29 24.13 24.04 33.66 34.29 31.63 31.95 53.88 36.55 41.12 39.78 40.61 34.51 27.69 32.55 31.85 24.72 25.27 31.57 23.27 16.25 28.60 32.86 28.43 24.55 39.81 31.40 50.18 46.64 30.88 35.40 27.12 28.38 31.00 22.94 34.25 28.87 28.53 29.36 31.06 30.10 27.61 19.92 23.08 31.50 33.33 38.65 34.03 22.79 22.90 34.36 28.04 32.11 23.66 24.29 24.32 26.57 27.05 26.84 30.91 20.98 26.79 23.69 26.00 26.98 22.50 27.56 26.71 30.44 29.71 34.27 24.37 23.17 19.00 25.88 27.37 21.82 27.87 24.89 25.98 31.78 25.64 34.38 32.97 25.97 29.58 31.71 28.88 31.33 23.31 26.20 34.15 22.99 21.32 21.15 24.70 29.13 37.14 28.32 27.94 31.12 24.49 18.85 28.56 25.49 21.41 27.38 28.69 29.79 31.50 31.01 30.49 32.21 30.24 24.95 29.95 31.69 20.82 29.77 30.57 30.83 21.24 36.77 36.38 30.97 29.72 23.26 27.71 21.95 28.60 20.72 29.37 20.97 22.71 27.78 27.59 25.88 22.87 28.60 31.86 11.30 33.65 26.86 24.47 20.35 25.63 33.37 26.03 21.48 23.01 26.80 27.13 24.47 16.78 27.61 20.21 22.25 19.87 21.02 25.03 28.70 26.61 25.19 20.87 21.37 43.44 44.50 26.48 35.42 29.25 53.25 30.72 31.82 36.03 32.21 54.33 46.85 57.42 74.69 46.11 43.67 44.25 50.46 111.30 105.84 166.42 122.70 90.58 97.09 54.46 60.12 65.98 54.83 51.30 47.74 44.03 46.75 73.21 57.03 260.56 174.21 152.25 228.62 246.38 225.83 150.11 155.21 144.83 164.65 141.71 127.47 94.10 91.16 189.79 266.00 145.11 254.22 136.93 139.27 119.84 146.32 139.64 95.74 61.23 55.48 66.50 59.90 57.40 67.20 67.80 70.25 69.88 98.01 75.44 36.86 46.82 47.95 49.26 49.35 57.22 39.46 51.54 56.06 48.49 37.12 46.61 54.30 53.63 41.19 63.29 74.51 67.04 65.86 48.51 46.55 49.30 48.77 52.74 43.68 65.44 33.89 59.66 52.33 63.30 59.97 63.60 44.46 40.95 65.31 69.60 62.58 82.19 90.97 94.48 89.06 101.37 98.14 128.64 147.93 373.31 247.68 360.890.000.000.00 469.77 0.660.360.26 1.250.650.45 1.760.840.55 2.271.040.66 1.880.910.52 1.380.790.41 0.920.800.41 0.450.840.43 0.170.720.42 0.080.590.48 0.020.390.52