
CFIB says internal trade barriers coming down, but patchwork could create challenges
Ryan Mallough, CFIB's vice-president of legislative affairs, says the progress has been encouraging, but there are also seven different jurisdictions taking seven different approaches to mutual recognition.
He says the patchwork could wind up recreating the barriers it was meant to knock down.
One study estimates that existing internal trade hurdles cost the economy some $200 billion a year.
The federal and provincial governments have been working to remove internal trade barriers in the face of U.S. tariffs imposed by President Donald Trump.
Monday Mornings
The latest local business news and a lookahead to the coming week.
Bill C-5, the omnibus bill that reduces federal restrictions on interprovincial trade and also speeds up permitting for large infrastructure projects, became law on June 26.
This report by The Canadian Press was first published June 30, 2025.
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Winnipeg Free Press
20 minutes ago
- Winnipeg Free Press
China's exports and imports picked up in July, helped by the pause in Trump's higher tariffs
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CTV News
20 minutes ago
- CTV News
Trump's broad tariffs go into effect, just as economic pain is surfacing
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He added that the U.S. was 'taking in hundreds of billions of dollars in tariffs,' but he couldn't provide a specific figure for revenues because 'we don't even know what the final number is' regarding tariff rates. Despite the uncertainty, the Trump White House is confident that the onset of his broad tariffs will provide clarity about the path of the world's largest economy. Now that companies understand the direction the U.S. is headed, the administration believes they can ramp up new investments and jump-start hiring in ways that can rebalance the U.S. economy as a manufacturing power. But so far, there are signs of self-inflicted wounds to America as companies and consumers alike brace for the impact of new taxes. What the data has shown is a U.S. economy that changed in April with Trump's initial rollout of tariffs, an event that led to market drama, a negotiating period and Trump's ultimate decision to start his universal tariffs on Thursday. Risk of economic erosion Economic reports show that hiring began to stall, inflationary pressures crept upward and home values in key markets started to decline after April, said John Silvia, CEO of Dynamic Economic Strategy. 'A less productive economy requires fewer workers,' Silvia said in an analysis note. 'But there is more, the higher tariff prices lower workers' real wages. The economy has become less productive, and firms cannot pay the same real wages as before. Actions have consequences.' Even then, the ultimate transformations of the tariffs are unknown and could play out over months, if not years. Many economists say the risk is that the American economy is steadily eroded rather than collapsing instantly. 'We all want it to be made for television where it's this explosion — it's not like that,' said Brad Jensen, a professor at Georgetown University. 'It's going to be fine sand in the gears and slow things down.' 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Trump on Wednesday announced additional 25 per cent tariffs to be imposed on India for its buying of Russian oil, bringing its total import taxes to 50 per cent. A top body of Indian exporters said Thursday the latest U.S. tariffs will impact nearly 55 per cent of the country's outbound shipments to America and force exporters to lose their long-standing clients. 'Absorbing this sudden cost escalation is simply not viable. Margins are already thin,' S.C. Ralhan, president of the Federation of Indian Export Organizations, said in a statement. The Swiss executive branch, the Federal Council, was expected to hold an extraordinary meeting Thursday afternoon after President Karin Keller-Sutter and other top Swiss officials returned from a hastily arranged trip to Washington in a failed bid to avert steep 39 per cent U.S. tariffs on Swiss goods. Import taxes are still coming on pharmaceutical drugs and Trump announced 100 per cent tariffs on computer chips. 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Still, the stock market has been solid during the recent tariff drama, with the S&P 500 index climbing more than 25 per cent from its April low. The market's rebound and the income tax cuts in Trump's tax and spending measures signed into law on July 4 have given the White House confidence that economic growth is bound to accelerate in the coming months. As of now, Trump still foresees an economic boom while the rest of the world and American voters wait nervously. 'There's one person who can afford to be cavalier about the uncertainty that he's creating, and that's Donald Trump,' said Rachel West, a senior fellow at The Century Foundation who worked in the Biden White House on labor policy. 'The rest of Americans are already paying the price for that uncertainty.' Josh Boak, The Associated Press


CTV News
an hour ago
- CTV News
World shares mostly climb after a rally for Apple leads Wall Street higher
A currency trader smiles near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Thursday, Aug. 7, 2025. (AP Photo/Ahn Young-joon) MANILA, Philippines — World shares mostly advanced and financial markets appeared to show scant if any reaction to President Donald Trump's higher tariffs on exports to the United States that took effect early Thursday. In early European trading, Germany's DAX rose 0.9% to 24,137.51. In Paris, the CAC 40 added 0.8% to 7,693.36, while Britain's FTSE 100 shed 0.3% to 9,138.96. The future for S&P 500 edged 0.5% higher while that for Dow Jones Industrial Average added 0.3%. In Asian trading, Japan's benchmark Nikkei 225 added 0.7% to 41,059.15. Hong Kong's Hang Seng climbed 0.7% to 25,081.63, and the Shanghai Composite added 0.2% to 3,639.67. China reported that its exports picked up in July, helped by a flurry of shipments by businesses taking advantage of a pause in Trump's tariff war with Beijing. South Korea's Kospi rose 0.9% to 3,227.68, while the S&P/ASX 200 in Australia shed 0.1% to 8,831.40. India's Sensex gave up 0.8% after Trump ordered tariffs on imports from the world's most populous nation to rise to 50%, citing its crude oil imports from Russia. Trump also declared 100% tariffs on computer chips with an exemption for U.S. investments. Apple's shares rose 5.1% on Wednesday ahead of a White House event where it announced an increase to its U.S. investments of an additional $100 billion over the next four years. Mizuho Bank, in a commentary, said the Trump's exemption from 100% tariffs on semiconductors for those with investments in U.S. production means some U.S. trading partners may be able to use their investments in the U.S. as a bargaining chip. Taiwan's Taiex jumped 2.4% as shares in market heavyweight Taiwan Semiconductor Manufacturing Corp. surged 4.9%. TSMC is the world's largest contract maker of computer chips and it has been ramping up its investments in U.S. factory capacity, helping to alleviate the impact from higher tariffs. South Korean chipmakers also saw strong gains, with Samsung Electronics jumping 2.5% after the government said its products would also be subject to the exemption. On Wednesday, a rally for Apple led Wall Street higher, with U.S. stocks reclaiming more of their sharp losses from last week. The S&P 500 rose 0.7% and the Dow added 0.2%. The Nasdaq composite climbed 1.2%. Apple alone accounted for more than a third of the S&P 500's gain. Trading elsewhere on Wall Street was mixed following a jumble of profit reports. McDonald's and Shopify rose following their latest updates, while Super Micro Computer tumbled after its earnings and revenue came in below analysts' expectations. The Walt Disney Co. fell after its earnings beat forecasts but its revenue fell short Worries are still high that Trump's tariffs may be hurting the economy, but hopes for coming cuts to interest rates by the Federal Reserve and a parade of stronger-than-expected profit reports from U.S. companies have helped steady the market. In other dealings early Thursday, benchmark U.S. crude gained 19 cents to $64.54 a barrel. Brent crude, the international standard, added 25 cents to $67.14 a barrel. The U.S. dollar slipped to 147.10 Japanese yen from 147.36 yen. The euro cost $1.1678 up from $1.1661. Teresa Cerojano, The Associated Press