The Bank of Canada held its interest rate at 2.75 per cent on Wednesday, citing resilience in the economy despite the ongoing global trade war brought on by the U.S.

The central bank has held its key interest rate for the third consecutive time, but notes that future rate cuts are a possibility if economic growth slows.

The portion of goods that can enter the U.S. tariff-free should also continue to rise as more companies become compliant with USMCA rules of origin. The bank estimates that 95 per cent of Canadian exports should be able to become compliant over the coming two years.