Former Vancouver councillor Christine Boyle takes over as B.C.'s minister of housing
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
33 minutes ago
- Yahoo
Canada could be trade winner as U.S. tariffs undershoot global competitors by wide margin, says report
The tariff rate imposed on Canadian exports by the United States is estimated to be the lowest amongst the world's trading countries, meaning that Canada could end up coming out ahead in Donald Trump's trade war, a new report says. Oxford Economics Group Ltd. estimates the U.S.'s current effective tariff rate on Canada is 2.5 per cent, placing it below Mexico at four per cent and well below other major U.S. trading partners. For example, the U.S. tariff rate is 35 per cent on China, 15 per cent on Japan, 13 per cent on South Korea and eight per cent on the United Kingdom and the European Union, based on data from calculated duties as a share of imports, Oxford said. 'If the relatively low tariffs apparently being paid on imports from Mexico and Canada persist, these two economies could pick up some benefits from shifts in supply chains, although uncertainties over the endgame for tariffs and the future of the (Canada-United States-Mexico Agreement) will be near-term drags,' Adam Slater, lead economist at Oxford Economics, said in the report. CUSMA-compliant goods escape U.S. tariffs, though the trade agreement is scheduled to be reviewed in July 2026, but some people, including Ontario Premier Doug Ford, think that deadline could be accelerated. The review also starts the clock ticking on the possible expiration of the agreement in 2036. Still, Slater described the current estimates for the tariff rates 'as something of a puzzle.' One set of trade data from the U.S. Census Bureau — specifically labelled CUSMA — indicates that 56 per cent of goods entering the U.S. from Canada and 47 per cent from Mexico are compliant with the agreement. Other Census Bureau data, based on rate provisions, suggests that 91 per cent and 84 per cent, respectively, are entering duty-free, though Oxford said it can't tell if that is due to CUSMA compliance or 'some other exemption.' 'It may be the case that tariff exemptions for these economies are broader than assumed,' Slater said. Slater said Oxford based its overall 2.5 per cent tariff rate for Canada on a higher level of CUSMA compliance, 'while not directly' adhering to the 91 per cent level. But trade between the U.S. and Canada hasn't escaped unscathed. 'The biggest negative impacts have been in Canada, where imports are down 25 per cent from January levels, and in China, where imports are down 50 per cent from January,' Slater said, adding that 'Chinese data on exports to the U.S. shows a much less dramatic decline of around 25 per cent since January,' possibly due to rerouting of goods through other countries. In Canada, 50 per cent tariffs on aluminum and steel exports to the U.S. persist, as do 25 per cent tariffs on the non-U.S. components of vehicles. Trump also recently hiked the tariff on non-CUSMA-compliant goods to 35 per cent from 25 per cent and announced an increased tariff on softwood lumber to 35 per cent. Oxford's report also warned that overall global trade is shrinking. 'A variety of indicators suggest that world trade is weakening,' Slater said, referencing various measures that indicated monthly global imports slowed three per cent in April and May, while an International Monetary Fund port tracker said growth in international exports declined to less than one per cent. 'Other sea and air freight indicators show similar trends,' he said. Oxford is estimating that world trade volumes shrunk by about three per cent from the second quarter to the first quarter of 2026, with world trade posting its weakest performance in a four-year period since the recession of the early 1980s. Canadian steelmakers need to focus on domestic market as tariffs lock them out of U.S.: Algoma CEO Trump put a tariff on gold — or did he? What you need to know about the bullion confusion It reduced its global gross domestic product estimate to 2.5 per cent — 'historically on the low side' — to 2.8 per cent from 2.9 per cent at the beginning of the year, Slater said. • Email: gmvsuhanic@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Times
2 hours ago
- New York Times
As Trump Takes Over the Police in D.C.
To the Editor: Re 'Trump Proclaims Federal Control of the D.C. Police' (front page, Aug. 12): Like everything else he does, President Trump's ordering the National Guard to Washington, D.C., is a performance designed to burnish his public perception and self-regard as a strongman. It has nothing to do with the reality on the ground and, rather than making the city great again, to use his words, projects an anti-democratic image that will only instill fear in those who don't know better. Troops on the Mall? It's of a piece with the military parade on his birthday and will hopefully backfire in much the same way. To see a group of his cabinet members and associates smile as they take measures that will intimidate the majority Black population of the city is not simply a bad look — it is revanchist. One can only hope that the president's ill-advised and self-serving actions will prompt a massive protest on the Mall against these measures, one that will reclaim it and the rest of the District as a place — unlike Mr. Trump's administration — of, by and for the people. Jeffrey HamburgerBelmont, Mass. To the Editor: President Trump is sending federal law enforcement into Washington, D.C., because of what he calls 'out of control' crime, notwithstanding a falling crime rate there. On Jan. 6, 2021, a violent crime was underway at the Capitol in Washington, and members of Congress as well as officials in his administration urged Mr. Trump to send federal law enforcement immediately. He ignored their pleas while he watched the violence on television. Four years later he even pardoned those convicted of criminal assault. How times have changed. Bob BenderBronx To the Editor: The stated motives behind President Trump's takeover of the Washington, D.C., police department, along with his dramatic deployment of F.B.I. agents and National Guard troops to the city's streets, appear disingenuous at best. Want all of The Times? Subscribe.
Yahoo
3 hours ago
- Yahoo
Opinion: It's time to put Canada back on the investment map
It takes money to make money. This is one of the oldest truisms in business. In national terms, it takes investment to generate economic growth. But in recent years, Canada's economic policy has lost sight of that basic principle. A major reason for Canada's stalled economic growth and declining standard of living over the past decade is that business investment — a critical driver of growth — has been weak, suffering under a federal policy environment that has ranged from unhelpful to counterproductive. The result is a country struggling to compete, attract capital and generate the kind of prosperity Canadians expect and deserve. When businesses look for opportunities to grow and invest, Canada has not been a clear choice for some time and the reasons aren't mysterious. Investors want to know that when they make a bet on a country, that bet won't be derailed by unpredictable policy shifts, misguided regulatory frameworks or political interference. If we want to reverse this trend, we must act — and quickly. At a time of global uncertainty and geopolitical turmoil, countries are seeking reliable trading partners and investors are looking for stable, competitive environments. Canada can offer both. According to recent polling, 80 per cent of Canadians supported growing investment in Canada by focusing on competitiveness. With bold leadership, we can restore confidence, attract investment and build a stronger, more prosperous future for all Canadians. That starts with a national commitment to positioning Canada not just as a top choice for business but the top choice. Canadians' famous modesty can sometimes work against us. We are often reluctant to say we want to be the 'first' or the 'best,' but we must. We need to send a clear message to the world: Canada is refocused on competitiveness and committed to growth. This message must be reinforced consistently, on global stages, in major speeches and in every international engagement. But rhetoric alone won't get us there. We must back it up with action. We need to eliminate the friction that makes doing business here harder than it should be. That includes eliminating barriers to labour and trade between provinces, a long-standing Canadian problem that we've tolerated for too long. We also need levels of government to play to their strengths and, frankly, stay in their lanes. Canada's constitution gives provinces jurisdiction over many key areas that affect investment — from natural resource development to permitting and electricity generation. To successfully build business and investor confidence, the federal government must respect this. Playing to our strengths also applies to how we manage natural resources. Canada has a generational opportunity to meet growing global demand for responsibly produced energy, minerals and food. But to seize it, we need a policy environment that enables — rather than obstructs — investment. This will also require a better process for Indigenous consultation, one that ensures both partnership and consistency. And we must take a sharper, more targeted approach to immigration. Canada has the potential to attract the world's best and brightest, but we must prioritize pathways that match our economic needs and select those with the skills and capabilities to meet those needs and be set up for a long-term trajectory of success. Seven in 10 Canadians support this market-driven economic approach to immigration. Finally, we can't talk about investment without talking about infrastructure. Moving Canadian goods to global markets efficiently is essential to our competitiveness. That means faster approvals and more significant and expansive investments in trade infrastructure — starting now. None of this requires reinvention. These are pragmatic, achievable steps, ones we outline in a new report, From Barriers to Breakthroughs, that can strengthen Canada's economic foundation and restore our competitiveness on the world stage. What's needed is the political will to act, the discipline to follow through and the commitment to make economic growth a lasting national priority — one that endures beyond quarterly updates and election cycles. Adam Legge is president of the Business Council of Canada.
