Bloomberg Talks
Royal Bank of Canada President & CEO Dave McKay Talks Growth Targets, Tariffs and Election
Mar 28, 2025
Dave McKay, President and CEO of the Royal Bank of Canada, dives into the bank's ambitious growth targets and the economic impact of tariffs on the Canadian landscape. He discusses the strong U.S.-Canada economic ties and the innovation opportunities despite trade barriers. McKay also addresses how businesses are adapting to uncertainties and the critical role of leadership during election cycles. Plus, he shares insights on expanding banking operations globally while focusing on infrastructure growth and transforming Canada's resource-based economy.
15:08
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Quick takeaways
- Dave McKay emphasizes RBC's commitment to growth across North America and Europe despite trade tensions and political uncertainty.
- The transition in Canadian leadership presents an opportunity to focus on energy and infrastructure for economic transformation.
Deep dives
Impact of Trade Tariffs on Canada
Trade tensions between the U.S. and Canada are escalating, particularly with the impending automotive tariffs that President Trump has imposed. Canadian Prime Minister Mark Carney has expressed his commitment to combat these tariffs through various retaliatory actions to protect the Canadian economy. The potential consequences of trade tariffs pose significant concerns among Canadian business leaders, with fears of a looming recession. The overall sentiment is marked by an uncertainty that may lead businesses and consumers to hesitate, impacting economic activities, despite previous stimulatory effects of lower interest rates.
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