Economist says Canada is in a 'very good bargaining position' despite Trump ending trade talks
Economist Jim Stanford weighs in on Trump's trade claims, why Canada holds strong cards, and if the digital tax will be collected Monday.
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Waning cross-border travel hurting Canada's already beleaguered duty-free industry
Article content Article content Barrett added that duty-free stores are often a microcosm of what is happening at the border. Article content 'This should be our busy season during the summer, but it is not; it is pandemic-level traffic in the parking lots, and it has led to one store closing in the east. We are unfortunately afraid that we will likely see more closures as we draw to the end of the summer,' she said. Article content Unlike airport stores, which are often owned by international companies, Barrett noted all of the land border stores are independently owned and are often family-run businesses. While Canadians shun U.S. trips, travel expert Claire Newell said many are opting for domestic and other international destinations. Article content 'We live in a country where it's still very expensive to travel domestically. And while there are many people who are choosing to travel within Canada, we also see more people heading to popular destinations,' she said. Article content She said she doesn't see Canadians changing their travel habits back to normal until there is a trade deal 'that feels fair.' Article content Article content As lower border traffic weighs on the industry, Barrett said she is advocating for 'small regulatory changes.' Article content 'We have some taxes on our products that, believe it or not, in a tax- and duty-free industry that our U.S. competitors don't have. So we're asking for those to be changed so we can be more competitive,' she said. Article content 'Also, we're asking to qualify for some of these tariff relief programs or pandemic-level supports along the lines of what they did during the pandemic with wage subsidy or rent subsidy.' Article content Article content Barrett said the government is the landlord for many duty-free stores and said a rent deferral or subsidy would help the industry until travel patterns normalize. She added that there have been conversations between her organization and senior government officials. Article content Barrett said those officials agreed the association was putting forward 'small asks' to support the industry. Article content An Aug. 2 release announcing the Woodstock Duty Free Shop's closure mentioned that the federal and provincial governments had promised tariff relief support programs to help businesses impacted by trade tensions. Article content Article content 'I pinned a lot of hopes on those when both levels of government made those announcements. I was reminded of the pandemic support programs,' Slipp said, adding that his business had benefited from such programs. Article content His attention has now turned to advocating for rent deferral programs for duty-free shops renting land from either the federal government or from a bridge authority as well as loan programs for duty-free stores. Article content When he looks at the future of the industry, he said the prospects 'are not bright.' Article content 'I'm grieving the loss of my business, but I'm also accepting the reality that the business environment has changed and there is nothing in the bag of tricks that would suggest positive changes in this industry in the short to medium term,' Slipp said. Article content 'I'm feeling bad that I was not able to succeed in the end and that I am having to lay to rest this business that my father and I have built and spent so many years working so hard on.' Article content
