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Toronto Star
3 days ago
- Business
- Toronto Star
The elephant in the room: As G7 host, how does Canada deal with Donald Trump?
In two weeks, Prime Minister Mark Carney will host his fellow G7 leaders for their annual summit. While the stakes are high, expectations are low. At a recent Ottawa meeting of the 'B7,' a group of business leaders from the G7 nations, participants saw the G7 as essential to global stability. Predictions for it, however, ranged from 'unity' to merely 'survival.' The elephant in the room — always top of mind, rarely mentioned — was U.S. President Donald Trump. ARTICLE CONTINUES BELOW After his inauguration in January, business leaders' concerns about Trump's character and ideas on tariffs were balanced by optimism for lower taxes, regulatory restraint and capital markets growth. Today, the president's promise of a new 'golden age of America' looks increasingly hollow as his losses mount. After leading the G7 in 2024, the U.S. economy contracted in early 2025, the worst result since the pandemic. And economists' forecasts are bleak with some predicting a U.S. recession should Trump follow through on his trade threats. While Trump tried to blame his predecessor, his fingerprints are all over this economic crime scene. As policies change with each presidential whim, so has business and consumer behaviour. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Imports have surged as buyers stock up on foreign goods. Capital markets went on a roller-coaster ride. U.S. consumer confidence has plummeted, dropping eight per cent in April alone. Businesses have paused investment, hiring and sourcing decisions amidst the crippling uncertainties. The problem is, despite the president's propensity for lies, he's actually truthful about what he believes: Trump believes trading partners are ripping America off, and fantasizes about 'reshoring' manufacturing jobs He fails to understand that America's standard of living depends on a global ecosystem in which products and labour from around the world combine to deliver good products at good prices — and that investors won't invest without policy certainty. Trump believes tariffs are a weapon to force allies to comply with his wishes He overlooks U.S. reliance on these alliances, the harm his actions cause to American brands and businesses, and the punishing impact of higher prices on consumers. Trump believes the U.S. is besieged by immigrants, and that the nation's great universities must be punished for 'woke' policies So, he is indiscriminately cancelling billions of dollars of research. He ignores how much the U.S. benefits from attracting world-class researchers to generate breakthrough discoveries — and that talent will avoid a country whose government vilifies newcomers and dictates the nature of scientific inquiry. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Trump believes there should be no constraints on presidential power He has suspended anti-bribery enforcement, fired independent watchdogs and attacked judges who rule against his violations of U.S. law. He did so again this week, when a court found his use of emergency powers to impose tariffs was illegal. Trump can't comprehend that this will deter investors, reduce America's influence, and embolden repressive regimes abroad. For G7 participants in Kananaskis, Alta., the elephant in the room is real with a U.S. economy the size of the other six members combined. And yet, the elephant can't be named. When G7 finance ministers met in May, their communique warned of 'economic policy uncertainty' but avoided mentioning the word 'tariff' or the biggest cause of uncertainty — its own largest member. It's like talking about losing weight without mentioning food or exercise. But it's the price of unity. We can expect Carney and others to take a three-pronged strategy to deal with Trump. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Find unity: They will try to identify common concerns such as China's behaviour, trade imbalances, market instability, or wars in the Middle East and Ukraine. If they can't agree on the problems, the G7 would lose relevance as a source of solutions. Contain the damage: Watch for them to try to contain the damage by prodding the U.S. into multilateral processes, from trade negotiations to peace talks. Invest in the 'G6': While the U.S. is powerful, the other six nations combined (Canada, France, Germany, Italy, Japan, U.K.) are even more so. The 'G6' leaders will invest in their relationships with one another, recognizing that while Trump is in office, they have an unreliable partner. Canada and Mexico learned this when the president reneged on his own North American trade deal. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW If America enters a period of decline, Canada's proximity to the U.S. will go from an asset to a liability. As the smallest of the world's large economies, we have the greatest need to diversify our export markets, and to shed our complacency for competitiveness. Amid these dark clouds, there's a silver lining. Canada has much to offer: a stable policy and investment environment; a skilled workforce; a political consensus to build trade-enabling infrastructure, add supply to the housing market and patch holes in our health system; a commitment to the rule of law, and to free, fair trade; and an embrace of diversity that's unique in the world. As Canada hosts its peers, we can't ignore the elephant in the room. But we also have a genuine — and long overdue — chance to lead.
Toronto Sun
16-05-2025
- Politics
- Toronto Sun
U.S. trade disruption is 'messy' but the turbulence will pass: Nikki Haley
Published May 16, 2025 • 2 minute read Former U.S. Ambassador to the United Nations Nikki Haley introduces Republican senate candidate, Dave McCormick at a campaign rally on October 30, 2024 in Pennsburg, Pennsylvania. Photo by Spencer Platt / Getty Images OTTAWA — Canada and other countries should not give up on doing business with the United States, former South Carolina governor Nikki Haley said Friday at the B7 summit conference in Ottawa. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Haley, U.S. President Donald Trump's former rival for the Republican presidential nomination, is among the key speakers at the event, where business leaders and diplomats have assembled to chart a way through global trade uncertainty. The B7 is a partner conference to the G7 summit happening in Alberta next month. Her comments come as Trump stokes instability in the global trade order through tariffs, forcing some businesses to reorient their supply chains away from the American market. 'Don't assume that the U.S. doesn't want to do business with your country,' Haley said. 'They actually do want to do business with your country. It's just messy right now.' New U.S. Ambassador to Canada Pete Hoekstra also told the audience of major business and political figures that the U.S. is 'open for business' — even as Trump digs in on his claim that he will not lift tariffs on Canada, and after he told Prime Minister Mark Carney there was nothing he could say to change that. This advertisement has not loaded yet, but your article continues below. 'America is open to doing business. We're open to doing business with you, our friends,' Hoekstra said. The ambassador also claimed the president is moving at a rapid pace on his agenda. 'We have never experienced anything like this in American politics,' he said. Trump has repeatedly insisted the United States needs nothing from Canada, though Canada is a significant source for the U.S. for multiple key products, including energy and critical minerals. Haley compared the current trade environment with the United States to 'growing pains' and said 'this too shall pass.' She took part in a panel discussion Friday morning on how business leaders can build trust in an increasingly fractured world. She said that while all businesses should have a '24-hour rule' encouraging them to pause before reacting to major geopolitical shifts, she joked that it should be a '72-hour rule' for those in the U.S. right now. Haley otherwise avoided commenting directly on Trump, who defeated her for the Republican nomination in 2024. Haley, who was Trump's ambassador to the United Nations during his first presidency, was not given a position in his second administration. — With files from Kyle Duggan Celebrity Ontario Toronto Maple Leafs Editorial Cartoons Golf
Vancouver Sun
16-05-2025
- Business
- Vancouver Sun
U.S. trade turbulence is 'messy' but will pass, says former governor Nikki Haley
OTTAWA — Canada and other countries should not give up on doing business with the United States, former South Carolina governor Nikki Haley said Friday at the B7 summit conference in Ottawa. Haley, Donald Trump's former rival for the Republican presidential nomination, is among the key speakers at the event, where business leaders and diplomats assembled to chart a way through global trade uncertainty. Haley's comments come as the U.S. stokes instability in the global trade order with Trump's tariffs, forcing some businesses to reorient their supply chains away from the American market. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. 'Don't assume that the U.S. doesn't want to do business with your country,' Haley said. 'They actually do want to do business with your country. It's just messy right now.' Trump has repeatedly insisted the United States needs nothing from Canada, though Canada is a significant source to the U.S. for multiple industries including energy, agriculture and critical minerals. Haley compared the current trade environment with the United States to 'growing pains' and said 'this too shall pass.' She took part in a panel discussion Friday morning on how business leaders can build trust in an increasingly fractured world. She said that while all businesses should have a '24-hour rule' encouraging them to pause before reacting to major geopolitical shifts, she joked that it should be a '72-hour rule' for those in the U.S. right now. Haley otherwise avoided commenting directly on President Trump, who defeated her for the Republican nomination in 2024. Haley, who was Trump's ambassador to the United Nations during his first presidency, was not given a position in his second administration. U.S. Ambassador to Canada Pete Hoekstra is scheduled for an afternoon address to the B7, which is a partner conference to the G7 summit happening in Alberta next month. Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
Reuters
16-05-2025
- Business
- Reuters
G7 business leaders urge removal of trade barriers
OTTAWA, May 16 (Reuters) - Business leaders from the Group of Seven advanced economies urged member countries to lift trade restrictions and invest in critical minerals to reduce supply chain vulnerabilities, a communique released on Friday showed. Businesses and trade organizations from the G7 countries congregated in Ottawa to give their recommendations to Canada, the host country, before the G7 Leaders' Summit next month in Kananaskis, Alberta. Canada will also host a meeting of finance ministers and central bank chiefs next week as a precursor to the summit. Decades of established international trade and business relationships have been disrupted by an onslaught of import tariffs from U.S. President Donald Trump. Some countries are hashing out deals with Trump, but economists have warned that a minimum tariff will remain even if they sign trade deals with the U.S., resulting in higher prices, layoffs, lower profits and slower economic growth. "This evolving landscape demands a renewed model of economic cooperation among G7 members and like-minded countries," said Candace Laing, CEO of Canadian Chamber of Commerce and chair of the B7 business leaders' group within the G7. Countries should prioritize building resilient supply chains and bolstering the G7's competitive edge in critical and emerging technologies, she added in the communique. The joint statement recommended five focus areas for G7 leaders, including critical minerals and materials supply and investment, a sector dominated by China. It also called for the dismantling of Trump's trade barriers. "Commit to lifting current extraordinary trade restrictions among G7 members, and to a moratorium on new broad-based tariffs to avoid triggering a cycle of escalatory and retaliatory trade measures," it said. The business leaders urged the G7 leaders to harness artificial intelligence, invest in clean energy and increase global healthcare cooperation.
Toronto Star
16-05-2025
- Business
- Toronto Star
U.S. ambassador and Trump's former presidential rival to speak in Ottawa
OTTAWA - Global business leaders and diplomats will converge on Ottawa today in an attempt to chart a path through the United States' tariff war. The B7 conference in the nation's capital is a partner event to the G7 summit set for next month in Alberta.
