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Canada says too little, too late as Trump flip-flops on tariffs (www.bbc.com)

submitted 9 hours ago by [email protected] to c/[email protected]

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[–] [email protected] 47 points 8 hours ago (2 children)

Some highlights I found interesting:

The tariffs have been met with deep anxiety in Canada, whose majority of exports are sold to companies and clients in the US. Officials predict up to a million job losses if a 25% across the board levy went ahead, while economists warn that a recession is imminent if they persist.

Even with the tariffs being scaled back temporarily, the uncertainty alone is hurting both American and Canadian economies, says Rob Gillezeau, an assistant professor of economic analysis and policy at the University of Toronto.

"The most sensitive thing to uncertainty is business investment," Prof Gillezeau says, adding that firms are "not going to want to spend a dime anywhere" until they have some clarity.

That trepidation is also seen in the stock market, which had erased virtually all its gains since Trump won the presidency in November.

[–] [email protected] 7 points 4 hours ago* (last edited 4 hours ago)

million job losses if a 25% across the board levy went ahead, while economists warn that a recession is imminent if they persist.

Obviously this will harm the economy initially, probably much like when Finland lost most of Nokia. (Nokia was a huge part of Finish economy and jobs)
But Finland rose again quickly, and Canada will too, because Canada is a country that is very well liked in most of the world, and will have no problem increasing trade elsewhere.
There will be a transitional period, but on the upside also greater independence from USA.
Luckily Canada does not suffer from Dutch disease like Finland did. So Canada will be more flexible in the ways it can recover quickly.

https://en.wikipedia.org/wiki/Dutch_disease

USA on the other hand, will not be in similar position to recoup their trade losses with, Mexico, Canada, EU, UK and China.
So USA will probably face a harder recession than Canada.

And that's probably Trump's plan, to weaken the entire west, including USA, NATO and of course Europe to benefit Russia.

[–] [email protected] 26 points 7 hours ago (1 children)

Proof that the rug can be pulled out from under you is a good sign that you need to prepare for that.

[–] [email protected] 9 points 7 hours ago

These sorts of preparations speak about the uncertainty mentioned in the article. That kind of uncertainty also hurts both countries. I don’t think there’s any net benefit to anyone.