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Trump ‘serious threat’ to Canadian prosperity, business leaders say

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    Trump ‘serious threat’ to Canadian prosperity, business leaders say

    Donald Trump’s willingness to use trade as a weapon represents an existential threat to Canada’s prosperity and requires this country to secure its economic independence – both by increasing its capacity to export resources to other markets and spending more on defence, a group of Canadian leaders in foreign affairs and business says.

    “Our country faces the most serious threat to its sovereignty and economic prosperity since the Second World War,” says a statement by the Expert Group on Canada-U. S. Relations.

    “In less than three weeks, the United States will have a new President who has signaled his willingness to do severe damage to our country. Our response must be a strategy to put Canada’s interests first.”

    This group’s members include Perrin Beatty, a former defence minister and business leader; Vincent Rigby, a former national security and intelligence adviser; former Canadian ambassador Jonathan Fried; and former trade negotiator John Weekes.

    Within weeks of winning the 2024 presidential election, Mr. Trump began targeting Canada with threats and jokes, mostly through social media. He said he would impose steep tariffs over illegal migration and drug smuggling and remains fixated on an imbalance in two-way trade that he says amounts to the U.S. subsidizing Canada.

    Mr. Trump has also repeatedly expressed adesire to annex Canada, making it the “51st state” and has mocked Prime Minister Justin Trudeau as Canada’s governor. On Christmas Day, Mr. Trump suggested in a post that the United States should take control of Greenland, the Panama Canal and Canada.

    “The incoming president is clear about his disdain for our country and has threatened to impose a 25-per-cent tariff on Canadian imports unless we satisfy his demands,” the expert group said.

    Mr. Trump“has said that his policy is ‘America First.’ Our response should be to support and strengthen Canada’s sovereignty and economic security.”

    Mr. Trump’s team remains preoccupied with Canada’s trade imbalance with the United States, as The Globe and Mail reported last week. The U.S. trade deficit with Canada on an annual basis reached $100-billion as of early December – something Ottawa says is largely caused by Canada’s significant oil and natural gas sales to the Americans.

    Canada must ramp up its capacity to export energy such as natural gas, as well as critical minerals, to other markets besides the United States in order to lessen dependence on American trade sanctions, the group said.

    “This will require major regulatory changes to make infrastructure and resource projects easier to develop and to reduce restrictions on oil and gas production,” the group said. “The federal and provincial governments must fast-track key projects and not subject them to endless environmental impact assessment reviews and regulatory hurdles.”

    Mr. Beatty, in an interview, said Canada is currently giving the United States a discount on energy because Canadians earn less for their petroleum sales than they could in other export markets.

    “We’ve allowed ourselves to become captive to one customer, he said. “Mr. Trump talks about the U.S. subsidizing Canada, but we have been subsidizing them by not getting world prices on our oil and gas, because we have not shipped to global markets.”

    Mr. Trump’s repeated threats to Canada are already hurting its currency and driving away foreign investors, the group says. Canada needs to take measures to change that, it says, including eliminating any excuse for the president-elect to impose sanctions on Canada.

    This includes working with the Americans to secure the border and deal with concerns about illegal migration and fentanyl smuggling from Canada, but also boosting defence spending to 2 per cent of annual economic output as both Washington and Canada’s NATO allies have urged.

    As Trump pledges tariffs, here are five things we know so far ([url]https://www.theglobeandmail.com/business/article-trump-tariffs-canada-mexico-what-to-know/[/url])

    “Donald Trump ([url]https://www.theglobeandmail.com/topics/donald-trump/[/url]) has signaled that he will use trade as a weapon in any dispute with Canada. We are already seeing the effects of his threats on the Canadian dollar and investment,” the group said.

    Canada announced $1.3-billion in extra border spending over six years to address Mr. Trump’s concerns and Foreign Affairs Minister Mélanie Joly and Finance Minister Dominic LeBlanc flew to Palm Beach, Fla., to meet with the president-elect’s team on Dec. 29. Canada has not obtained assurances these measures are sufficient to avoid tariffs ([url]https://www.theglobeandmail.com/topics/tariff/[/url]).

    “We are convinced that more can be done, especially in managing the shared crises of unauthorized migration and narcotics and gun trafficking, while ensuring efficient movement of legitimate travel and trade,” the expert group said.

    “Additionally, we firmly believe it is in Canada’s interests to rapidly accelerate defence spending to meet and surpass NATO’s 2 per cent of GDP target and, importantly, strengthen Canada’s defence industrial base.”

    It would take an additional $17-billion in annual defence spending for Canada to reach 2 per cent. Canada is still a laggard in meeting this North Atlantic Treaty Organization target. Right now it spends about 1.37 per cent but Mr. Trudeau’s government has said it has a plan to reach 2 per cent by 2032 – a date critics have said is distant.

    The group cautioned against overreacting to Mr. Trump’s steady stream of threats and mocking. “We should not respond to every provocation. Reacting indignantly to each tweet and taunt simply invites more of them.”

    “The incoming President senses weakness and exploits it. His approach is transactional and zero-sum. He believes there are only winners and losers in this world. Accordingly, Canada cannot simply yield to his every whim and demand.”

    The experts said the most effective advocates for Canada will be American businesses and consumer groups who will suffer price increases because of Trump tariffs.

    “We must persuade American business leaders and consumer groups to lead the debate in the U.S. on why tariffs against Canadian goods and services will hurt Americans where it counts – the pocketbook,” they said.

    The expert group is co-sponsored by the Norman Paterson School of International Affairs at Carleton University, and the Canadian Global Affairs Institute. Mr. Beatty and Fen Hampson, a professor of international affairs at Carleton University, are co-chairs.

    Other members of the group include Tom d’Aquino, founding CEO of the Business Council of Canada; former Alberta cabinet minister Gary Mar; Laura Dawson, executive director of the Future Border Coalition, a group working to eliminate trade barriers at the Canada-U. S. border; international trade lawyer Lawrence Herman; Canada West Foundation executive Carlo Dade; and former Canada West Foundation president and MP Martha Hall Findlay.
    ?

    #2
    Kinda like worrying about the weather.

    Comment


      #3
      Okay then, Trump tarrifs are like weather?

      Comment


        #4
        its far left crazies like you cc got Trump elected
        and exactly the same is happening here in Canada and lots of other country's worldwide
        Well done and thank you cc

        Comment


          #5
          Screeching incessantly about Trump has the same result as doing so into the wind.

          Comment


            #6
            Well obviously chuckles, this country has gone to shit over the last 10 years through immature leadership, everything is a threat to our prosperity now, maybe you haven’t noticed.

            Comment


              #7
              cc. Is this your saying that you post articles that you agree with?

              What is the reality of eliminating bill C69? Is it on par with eliminating the CWB?

              What is the reality of abolishing equalization payments to force provinces that receive it to develop their substantial resources? They have no to little incentive to do so without that happening. Would you agree?

              Comment


                #8
                Sure are a lot of Trump Sheep in denial about the coming of Dumpster!

                So Checking what do you specifically disagree with in Bill C69?

                Measures adopted in Bill C-69 to help make homes more affordable include:
                • Enhancing the Home Buyers’ Plan to help first-time home buyers at a time when saving for a down payment is more and more difficult. The government is increasing the withdrawal limit from $35,000 to $60,000 and temporarily adding an additional three years to the grace period before repayments to an RRSP are required.
                • Cracking down on short-term rentals to unlock more homes for Canadians to live in by denying income tax deductions on income earned from short-term rentals that do not comply with provincial or municipal restrictions.
                • Banning foreign buyers of Canadian homes for an additional two years, until January 1, 2027, to ensure homes are used for Canadians to live in—not as a speculative asset class for foreign investors.

                Measures adopted to strengthen Canada’s social safety net include:
                • Launching the new National School Food Program as early as the 2024-25 school year to help 400,000 more kids get the food they need through existing school food programs.
                • Advancing the delivery of the new Canada Disability Benefit to provide financial support to persons with disabilities, with payments starting in 2025.
                • Making it easier to save for your child’s education by introducingautomatic enrollment in the Canada Learning Bond,to ensure all low-income families receive the support they need for their children’s future.
                • Implementing the Canada Health Transfer 5 per cent growth guarantee to help provinces and territories deliver better universal public health care.
                • Expanding the Canada Student Loan Forgiveness Program to pharmacists, dentists, dental hygienists, midwives, early childhood educators, teachers, social workers, personal support workers, physiotherapists, and psychologists who choose to work in rural and remote communities. This builds on existing loan forgiveness for doctors and nurses.

                Measures adopted to help make life more affordable for Canadians include:
                • Making it easier to find better deals on internet, home phone, and cell phone plans by amending the Telecommunications Act to better allow Canadians to renew or switch between plans and to increase consumer choice to help them find a deal that works best for them.
                • Cracking down on auto theft by providing law enforcement and prosecutors with the tools they need to protect Canadians from having their cars stolen. Specifically, this includes more robust criminal offences related to auto theft and new restrictions on the possession and distribution of devices used to steal cars.
                • Launching Canada’s Consumer-Driven Banking Framework to provide Canadians and small businesses with safe and secure access to more financial services and products.
                • Doing more to protect vulnerable consumers by strengthening enforcement against criminal rates of interestto protect vulnerable Canadians from harmful illegal lenders, such as loan sharks.
                • Doubling the Volunteer Firefighters Tax Credit and the Search and Rescue Volunteers Tax Credit from $3,000 to $6,000, in recognition of the essential roles and sacrifices of these volunteers to keep Canadians safe.
                • Enhancing the Canadian journalism labour tax credit to ensure that, as the media market changes, journalists are fairly compensated, by increasing the annual labour cost limit from $55,000 to $85,000 per employee, and temporarily increasing the tax credit rate from 25 per cent to 35 per cent.

                Measures adopted to grow the economy in a way that’s shared by all include:
                • Delivering two more major economic investment tax credits,to attract more private investment, create more good-paying jobs, and grow the economy:
                  • The 30 per cent Clean Technology Manufacturing investment tax credit; and,
                  • The up to 40 per cent Clean Hydrogen investment tax credit.
                • Launching the $5 billion Indigenous Loan Guarantee Program to unlock access to capital for Indigenous communities, create economic opportunities, and ensure Indigenous Peoples share in growth in a way that works for them.
                • Launching the Canada Carbon Rebate for Small Businesses, to directly return over $2.5 billion in proceeds from the price on pollution to an estimated 600,000 small- and medium-sized businesses via an accelerated and automated return process. Rebates will also be provided every year going forward.
                • Getting major projects done by improving efficiency of assessment processes. This includesamending the Impact Assessment Actto ensure the Act is constitutionally sound with an efficient and effective review process for major projects, including clean energy, critical minerals, and transportation in a manner that continues to ensure environmental protection, provides meaningful participation of the public and Indigenous Peoples, and drives clean growth goals.
                • Extending the 15 per cent Mineral Exploration Tax Credit for one year, expected to provide $65 million to support mineral exploration investment.
                • Advancing Employee Ownership Trusts to enable employees to share in the success of their work by encouraging more business owners to sell to an Employee Ownership Trust.
                • Protecting gig workers by strengthening prohibitions against employee misclassificationin federally regulated industries.
                • Establishing a right to disconnect to restore work-life balancefor workers in federally regulated industries.
                • Extending additional weeks of Employment Insurance for seasonal workers in 13 targeted regions until October 2026.
                • Implementing a 15 per cent global minimum tax to ensure large multinational corporations pay their fair share, no matter where they do business.
                ?

                Comment


                  #9
                  Is that one of the many bills that dies with no parliament?

                  Comment


                    #10
                    The budget passed long ago.

                    Comment


                      #11
                      cc. Lots of C69's, but I'm staying with your topic.

                      The IAA, also known as Bill C-69, also known as the no pipelines act at least by some,strengthens federal authority to assess the impact of new resource projects and potentially stop them, if they affect climate change, public health, Indigenous concerns, fisheries and federal lands.

                      My questions to you remain the same.

                      Comment


                        #12
                        Originally posted by chuckChuck View Post
                        The budget passed long ago.
                        Chuck2 you list all that the government has done above that in your mind is positive, why is it that the US economy is growing at a much higher rate than Canada’s and why is the support for the Federal Liberal’s as low as 16% in one recent public opinion poll? It appears to me that the above federal legislation has fallen flat on its face!!!

                        More convinced by the day Chuck2 that you are payed by the Federal Liberals to troll Agriville.

                        Comment


                          #13
                          That's an old Bill C69 then!

                          But how is this staying with the topic Trump ‘serious threat’ to Canadian prosperity, business leaders say?

                          Trudeau is done and he got the TMX built which has been a boon to oil industry which is much more valuable with Trump in power and Canada needing other markets.

                          Apparently Trudeau did not kill the oil industry! But Trump may set the oil industry back far more with tariffs than Trudeau ever did.

                          That's the much bigger issue by far!

                          Your question is not really relevant or and not important in the current state of affairs.



                          Comment


                            #14
                            Originally posted by checking View Post
                            cc. Lots of C69's, but I'm staying with your topic.

                            The IAA, also known as Bill C-69, also known as the no pipelines act at least by some,strengthens federal authority to assess the impact of new resource projects and potentially stop them, if they affect climate change, public health, Indigenous concerns, fisheries and federal lands.

                            My questions to you remain the same.
                            Yes the Impact Assessment Act, also known as the no more pipelines bill is certainly responsible for a lot of the economic stagnation in Canada today.

                            Comment


                              #15
                              Originally posted by chuckChuck View Post
                              Donald Trump’s willingness to use trade as a weapon represents an existential threat to Canada’s prosperity and requires this country to secure its economic independence – both by increasing its capacity to export resources to other markets and spending more on defence, a group of Canadian leaders in foreign affairs and business says.

                              “Our country faces the most serious threat to its sovereignty and economic prosperity since the Second World War,” says a statement by the Expert Group on Canada-U. S. Relations.

                              “In less than three weeks, the United States will have a new President who has signaled his willingness to do severe damage to our country. Our response must be a strategy to put Canada’s interests first.”

                              The U.S. trade deficit with Canada on an annual basis reached $100-billion as of early December – something Ottawa says is largely caused by Canada’s significant oil and natural gas sales to the Americans.

                              Canada must ramp up its capacity to export energy such as natural gas, as well as critical minerals, to other markets besides the United States in order to lessen dependence on American trade sanctions, the group said.

                              “This will require major regulatory changes to make infrastructure and resource projects easier to develop and to reduce restrictions on oil and gas production,” the group said. “The federal and provincial governments must fast-track key projects and not subject them to endless environmental impact assessment reviews and regulatory hurdles.”

                              Mr. Beatty, in an interview, said Canada is currently giving the United States a discount on energy because Canadians earn less for their petroleum sales than they could in other export markets.

                              “We’ve allowed ourselves to become captive to one customer, he said. “Mr. Trump talks about the U.S. subsidizing Canada, but we have been subsidizing them by not getting world prices on our oil and gas, because we have not shipped to global markets.”

                              Come on, cc. Read your article.

                              Comment

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