Economics Trump’s steel shock drives wedge into sluggish NAFTA talks U.S. President Donald Trump said he would impose the tariffs beginning next week, raising the risk of exacerbating tensions at negotiations already facing serious challenges. Officials were unable to say immediately whether the tariffs would include imports from Canada and Mexico, the other two partners in the 24-year-old North American Free Trade Agreement. The lack of clarity created uncertainty as … Read More
Economics Trump says he’ll impose a 25 per cent steel tariff, which could spark trade wars and ‘decimate’ Canada’s industry The steel tariff will be 25 per cent, the aluminum tariff 10 per cent, Trump announced at the White House on Thursday. He said he will impose the tariffs “next week,” that they will last “for a long period of time,” and that they will bring back jobs stolen by countries that have acted unfairly. “We’re going to take care … Read More
Economics Canadian Finance Minister Bill Morneau is expected to unveil a restrained budget on Tuesday With the domestic economy going strong and the Bank of Canada hiking rates, the Liberal government is in a balancing act of slowly reining in deficits while taking steps to bolster long-term growth as U.S. tax cuts and protectionism threaten Canadian exports and competitiveness. Household debt is also at a record high even as job gains bring the country closer … Read More
Economics Canada increasingly convinced Trump will pull out of NAFTA The comments cast further doubt on prospects for talks to modernize the trilateral North American Free Trade Agreement (NAFTA), which Trump has repeatedly threatened to abandon unless major changes are made. Officials are due to hold a sixth and penultimate round of negotiations in Montreal from Jan. 23-28 as time runs out to bridge major differences. It is not certain … Read More
Economics Dow Jones crosses 25000 points The Dow Jones industrial average traded above 25,000 points for the first time, blasting through another 1,000-point milestone. The Dow’s latest breakthrough came in early trading Thursday and just five weeks after closing above 24,000 points for the first time. Technology companies, which put up some of the biggest gains in the last year, continued to outpace the rest of … Read More
Economics Canadian home sales edge up again in October According to statistics released today by The Canadian Real Estate Association (CREA), national home sales posted a modest monthly increase in October but remain below levels recorded one year ago. Home sales via Canadian MLS® Systems edged up 0.9% in October 2017 on the heels of monthly increases in August and September, but remained almost 11% below the record set … Read More
Economics Federal budget 2017: The full document and the finance minister’s speech to Parliament The 2017 federal budget for Canada is out. Read the full document for yourself here and check out the text of Finance Minister Bill Morneau’s speech here Here is the prepared text of Morneau’s 2017 budget speech. Please check against delivery. Mr. Speaker, As Canadians come together to celebrate Canada 150, we proudly reflect on the generations that came before … Read More
Economics Canada rate hike seen spurring housing before consumer crunch A second rate hike by the Bank of Canada will temporarily goose housing as buyers look to complete deals before mortgage rates go up, but higher borrowing costs will soon weigh on Canada’s indebted households and douse spending and homebuying. The central bank raised rates unexpectedly this week, the second hike in a row, but pledged to pay close attention … Read More
Economics Bank of Canada surprises with second rate hike, eyes future moves The Bank of Canada raised interest rates on Wednesday, surprising many, and left the door open to more rate hikes in 2017 even as it pledged to pay attention to how higher borrowing costs would hit Canada’s indebted households. The 25-basis-point increase to 1 percent followed a hike in July and puts Canada ahead of the curve in returning borrowing … Read More
Economics Canada mulls buying used Boeing fighter jets from Australia Canada, embroiled in a dispute with Boeing Co over the planned purchase of 18 new Super Hornet fighter jets, could buy used versions of the plane from Australia instead, the defense ministry said on Wednesday. The Liberal government of Prime Minister Justin Trudeau suspended talks with Boeing over the planned acquisition after the U.S. firm launched a trade challenge against … Read More