An aggressive suite of tariffs from President Trump will complicate the Federal Reserve's job as it struggles to quash inflation and avoid an economic downturn.

The administration's 25% import tax on cars and parts can squeeze dealerships' parts and service revenue, one of their largest profit centers. Buy now/pay later lenders could see a windfall.

Dodig, who has led the Canadian bank since 2014, will be succeeded by Harry Culham, CIBC's head of capital markets.

President Donald Trump's tariff policies will strain some banks' business customers, as their supply chains will have to be reconfigured. But uncertainty is the real headwind.

The president exempted Mexican and Canadian goods covered by the North American trade agreement from his 25% tariffs, offering reprieves to America's two largest trading partners.

Commerce Secretary Howard Lutnick said the president is likely to defer his 25% tariffs on Canada and Mexico for all goods and services covered by the North American trade agreement.

As steep tariffs on Canadian goods took effect this week, banks on both sides of the border expressed concern about the economic fallout and the uncertainty their customers face.