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As trade ties with the US continue to fray, Canada is seeking a new role and new partners in the increasingly fragmented global economy. Prime Minister Mark Carney has been courting more foreign investment as well as closer ties with the European Union and Asian economies.
Canada’s need to expand trade with Europe and Asia is a driving force behind a major new package of regulatory and permitting reforms, the country’s transportation minister said.
Canadian International Trade Minister Maninder Sidhu says Canada is working to reduce its reliance on the US by expanding trade partnerships in Asia and other global markets. (Source: Bloomberg)
China sharply increased its imports of crude oil and liquefied natural gas (LNG) from Canada in August amid an escalating trade dispute between Ottawa and Washington. The country’s imports of Russian energy products also rose sharply last month, as geopolitical risks including war in Iran accelerated Beijing’s efforts to diversify its energy supplies. Customs data released on Sunday showed that the volume of China’s crude oil imports from Canada rose nearly 35 per cent year on year in August,...
Ties between Canada and the European Union have been getting closer as trade dispute with the US continue.
Prime Minister Mark Carney pitched Canada as an investment haven on Tuesday at a gathering of global financial elite but conceded ties with the US remained crucial despite an escalating trade war. Carney convened the Canada Investment Summit as part of his push to diversify an economy he insists had grown too reliant on an increasingly protectionist US. The guest list for the event in Toronto included representatives of Gulf sovereign wealth funds, European banks, the China Investment...
The prime minister is hosting a major global investment summit, with the goal of attracting investment amid a trade war with the US.
Conservative Party of Canada Leader Pierre Poilievre discusses the state of trade and tariffs with the United States. He says Canada’s oil and mineral resources can help alleviate US inflation pressures, but the Trump administration needs to back off its tariff policies against its northern neighbor. He speaks on “Bloomberg Surveillance.” (Source: Bloomberg)
François Picard is pleased to welcome Jean Simard, President and CEO of the Aluminum Association of Canada. According to Simard, the US-Canada aluminum dispute is not your conventional disagreement over trade, but rather a 'Trump posture that makes no sense". As American industrial demand substantially exceeds domestic production capacity, tariffs will do nothing to reduce Canadian aluminum from the US market. Protectionism does not eliminate interdependence, explains Simard, it makes that interdependence considerably more expensive.
Canada has imposed tariffs of 15% to 50% on hundreds of products from the US on Tuesday, as Prime Minister Mark Carney bets that standing up to President Donald Trump will eventually help Ottawa's negotiating position with its biggest trading partner. Carney's government increased the import tax on many US steel items to 50% from 25%, and applied tariffs to a range of consumer goods including motorcycles, cosmetics and cheese. The measure will hit US exporters particularly hard in states such as Michigan and Ohio that do a lot business with Canada and host heated races in November's midterm elections. Our Trade Tsar Brendan Murray joins Stephen Carroll and Caroline Hepker on Bloomberg Radio to discuss. (Source: Bloomberg)