Thursday June 28, 2018
Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Thursday June 28, 2018
Trump’s tariffs will be more painful for Canada than the U.S., economist says
The Trump administration’s tariff threats have the potential to drive companies currently operating in Canada out of the country, the president of a Canadian automotive association said Tuesday.
June 14, 2018
The United States has already imposed tariffs on the steel and aluminum industries and has threatened to impose a 25 per cent levy on Canadian-made autos.
The tariffs could make Canadian-made products uncompetitive and add $6,000, $10,000 or more to the cost of a vehicle, said David Adams, president of Global Automakers of Canada, at an event sponsored by the Economics Club of Canada.
He said a nonautomotive company he knows has decided it can’t expand in the United States from Ottawa, because of the uncertainty, so it’s opening a U.S. office and the same could happen to automotive companies.
“The uncertainty effectively does the job of … driving more investment into the United States as the safe harbour,” Adams said.
June 13, 2018
The Trump administration hasn’t necessarily realized that the its tariffs will also hurt the United States, said MaryScott (Scotty) Greenwood, chief executive of the Canadian American Business Council — pointing to a recent announcement by Harley-Davidson.
A tariff war between the U.S. and many of its trade partners has already prompted the iconic American motorcycle company to move production of motorcycles bound for Europe overseas, blaming European Union tariffs it said would add an estimated $2,200 cost to the average bike. That prompted President Donald Trump — whose own tariffs prompted the EU moves — to accuse Harley of using tariffs as an excuse for moves already planned.
March 9, 2018
“It’s a very dangerous game we’re playing here, economically,” Greenwood said.
Prime Minister Justin Trudeau has announced Canada will impose $16.6 billion in retaliatory tariffs on U.S. products coming into Canada, which go into effect on Sunday.
But CIBC chief economist Avery Shenfeld said Tuesday the United States is far better equipped than Canada to withstand the use of tariffs as a “sledge hammer” in trade negotiations.
Some Americans will face higher costs on imported goods from Canada but U.S. producers will be at a smaller risk because their home market is so much bigger than ours, Shenfeld said during a panel discussion about NAFTA in Toronto. (Source: Toronto Star)
Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Wednesday February 15, 2017
![Editorial Cartoon by Graeme MacKay, The Hamilton Spectator Ð Tuesday, November 15, 2016 Finance Minister Charles Sousa delivers fall economic statement The Ontario government is moving to double the maximum tax rebate offered to first-time homebuyers while boosting the land-transfer tax on house purchases above $2 million. Finance Minister Charles Sousa made the announcements in his fall economic statement, delivered in the provincial legislature on Monday afternoon. The changes are to take effect on Jan.1, 2017. "Purchasing your very first home is one of the most exciting decisions in a young person's life, but many are worried about how they will be able to afford their first condo or house," he told the Legislature Monday. "Improving housing affordability will help more Ontarians to participate [in the housing market].Ó Sousa said first-time buyers won't pay any land transfer tax on the first $368,000 of a purchase price, and they will become eligible for a rebate of up to $4,000 in provincial land transfer tax, levied on the purchase of every house and condominium. Meanwhile, the land-transfer tax rate on the amount of a purchase above $2 million will rise to 2.5 per cent, from the current rate of 2 per cent. Government officials say the tax increase on luxury homes will bring in about $105 million annually, and that will fund the increased rebate. New Democrat finance critic Catherine Fife called the fall economic statement "a distraction" from the top issue facing Ontarians Ñ soaring electricity rates Ñ and said Premier Kathleen Wynne had downplayed expectations of help for first-time homebuyers. "Quite honestly, she was right to lower the expectations because what we see in this statement is neither new or profound or progressive," Fife told the legislature. (Source: CBC News) http://www.cbc.ca/news/canada/toronto/ontario-fall-economic-statement-charles-sousa-1.3849873 Ontario, economy, economic, statement, Kathleen Wynne, Charles Sousa, budget, finan](https://i1.wp.com/mackaycartoons.net/wp-content/uploads/2016/11/2016-11-15.jpg?resize=700%2C574&ssl=1)
