Canada's central bank lowered its interest rate by 25 basis points to three per cent on Wednesday, as the Bank of Canada governor warned there is little he can do to negate the economic impact of U.S.

Bank of Canada Governor Tiff Macklem says the central bank can’t repair the economic damage of a trade war with the US — but he’ll do his best to make it less painful.Most Read from BloombergTrump's F

Below are some key quotes from a news conference by Bank of Canada Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers on Wednesday after the central bank cut its key policy rate by 25 basis points to 3%.

The Bank of Canada reduced its benchmark interest rate by 0.25 percentage points and removed guidance on future rate adjustments amid uncertainty caused by US President Donald Trump's tariff threat.

Bank of Canada governor Tiff Macklem said that there is not much central bankers can do to offset the economic consequences of a trade war with the U.S.

“A long-lasting and broad-based trade conflict would badly hurt economic activity in Canada. At the same time, the higher cost of imported goods will put direct upward pressure on inflation,” Bank of Canada Governor Tiff Macklem said in a prepared opening statement on Wednesday.

The Bank of Canada is likely to cut interest rates by a quarter percentage point on Wednesday as officials lay out their analysis of how US tariffs might derail a soft landing for the Canadian economy.