Latest news with #CanadianEconomy
CTV News
24-07-2025
- Business
- CTV News
Canada's economy to see negative growth amid Trump tariffs: CFIB
The Canadian Federation of Independent Business expects to see negative growth in Canada's economy. THE CANADIAN PRESS/Nathan Denette The Canadian Federation of Independent Business (CFIB) expects to see negative growth in Canada's economy as businesses face low confidence driven by U.S. President Donald Trump's tariff war and its impact on supply chains. The advocacy group, representing Canadian owners of small and mid-size businesses, released a report Thursday, based on responses from 719 CFIB members. 'While we forecast a contraction in the economy, at the same time certain indicators point out that it is normalizing in some ways,' said Simon Gaudreault, CFIB's chief economist and vice-president of research, in a news release. 'Inflation remains stable which puts us in a favourable position to contemplate easier monetary policy for the second half of the year. However, with Canada seeing a 1.9 per cent inflation and unexpectedly adding jobs in June, the Bank of Canada may now decide to maintain its interest rate on July 30.' Statistics Canada's consumer price index (CPI), which measures inflation, slowed to 1.8 per cent in the second quarter and is expected to rise slightly to 1.9 per cent in the third quarter. The CFIB states the overall deceleration in prices was mainly driven by falling energy costs and lower prices for travel services, while increases in food and shelter costs provided some upward pressure. The CFIB said gross domestic product (GDP) fell by 0.8 per cent in the second quarter and is expected to decline further by another 0.8 per cent in the third quarter. It said the contraction reflects persistently low business confidence, driven by trade tensions, and weakness in manufacturing, particularly in the transportation, machinery, and oil and gas sectors. Canada–U.S. trade tensions causing high uncertainty The group highlighted a Statistics Canada report that notes 48 per cent of businesses experienced supply chain disruptions over the past three months, and 64 per cent expect conditions to worsen. The CFIB anticipates private investment will nosedive by 13.0 per cent in the second quarter and further drop by 6.9 per cent in third quarter. The national private sector job vacancy rate held steady at 2.8 per cent in the second quarter representing 397,00 unfilled positions. 'The one step forward, on step back trade situation is driving low business confidence, translating into paused or cancelled investment,' said Gaudreault. 'As trade tensions drag on, more businesses will be slowly adjusting to tariff threats and finding alternatives.' The highest vacancy rates were in personal services and construction. On a yearly basis, information, arts and recreation (-0.8), agriculture (-0.8), personal services (-0.6), and natural resources (-0.6) saw the biggest drop in their vacancy rates. Manufacturing was the only sector reporting an increase (+0.1). Retail sales slowed in the second quarter, growing by 4.6 per cent. The CFIB said many businesses and organizations wanted to place orders ahead of the tariffs' implementation. They said growth is expected to moderate to increase by 2.0 per cent in third quarter. T The organization said wholesale and manufacturing businesses reported the highest impact from Canada-U.S. border delays, at 42 per cent and 40 per cent respectively. A proportion of 39 per cent of firms in personal services also reported disruptions, largely due to delays affecting repair shops for vehicles, household and commercial goods. Significant shares of businesses operating in retail (36 per cent) and construction (35 per cent) reported border delays, showing that supply chain bottlenecks affect both distribution networks and project-based work. In contrast, service-oriented sectors reported fewer disruptions as they rely less on cross-border logistics. Facing growing tariff-related pressures at the border, the CFIB said 62 per cent of small and medium enterprises have shifted to domestic markets. Nonetheless, supply chain disruptions remain widespread, revealing that the problem is not limited to international trade, but affecting internal logistics as well.
CBC
23-07-2025
- Business
- CBC
Ford praises Carney after late-night fireside chats at Muskoka cottage
Social Sharing It may not be the sunny ways government, but some premiers certainly seem to be feeling sunny about the future. And that's despite troubled trade negotiations with the United States and the worsening effects of that country's tariffs on Canadian businesses. Still, provincial premiers have nary seemed so cheerful about their own relationships to each other — and the federal government. "First off, isn't it great? Like, these are such important relationships for Canadians and we're all kind of binding together and spending time together," said Nova Scotia Premier Tim Houston in response to a question about what has been achieved in the three meetings premiers have so far held together since Mark Carney became prime minister. Premiers typically get together about once a year, and even more rarely with the prime minister present. Houston was speaking in Huntsville, Ont., where Ontario Premier Doug Ford has been hosting this year's premiers' meeting, which Carney attended on Tuesday. Both Houston and Ford — two conservative leaders — heaped praise on Carney in news conferences at the cottage country gathering. Houston listed the passage of Bill C-5, Carney's internal trade and major projects legislation aimed at creating "one Canadian economy," as one of the accomplishments achieved thanks in part to better relations with and between Canadian first ministers. But perhaps most notable was Ford's near soliloquy about the night Carney spent at his cottage. WATCH | 'He's humble, he listens,' says Ford of Carney: Ford says Carney stayed over at his Muskoka cottage Monday night 3 hours ago Ontario Premier Doug Ford, speaking to reporters at the end of Day 2 of the first ministers' meeting in Huntsville, Ont., says he and the prime minister were up past midnight 'chatting by the fireplace, solving the world's problems.' Just as Ford was preparing to wrap up a news conference held with Quebec Premier François Legault, a reporter shouted a question about Carney's dinner invitation to Ford's Muskoka home on Monday. "Full disclosure, the prime minister stayed up at my place," Ford said. "We had dinner, we were up 'til 12:30 at night, chattin' in front of the fireplace, solving all the world's problems." Legault, seemingly amused, leaned into the microphone to interrupt Ford: "A very nice, small chalet," he said. "Yeah, yeah I have a little shack up — down the street, there," Ford said. 'The most humble person you'd ever want to meet' Undeterred, he continued. "The prime minister is the most humble person you'd ever want to meet," Ford said. The Ontario premier went on to list Carney's roles at Goldman Sachs, Brookfield, Bloomberg and as governor of the Bank of Canada and Bank of England. Ford said he'd never heard the prime minister name drop any of them, perhaps a surprising feat given how much Carney's resumé featured in the federal election. "I'd hand the keys of a business over to the prime minister," Ford said. "He has his hands full because of the last 10 years of what has happened in our country…. He doesn't need to be doing this, I can assure you that. But he's given it everything he possibly can." Legault could be heard chuckling as he followed Ford off the stage. It's not the first time Ford and Houston showed Carney their support in direct or indirect ways. During the federal election, Ford was critical of Conservative Leader Pierre Poilievre's campaign. And less than a week before election day, on the eve of Poilievre's visit to Nova Scotia, Houston released a campaign-style video on social media, prompting some to wonder whether he was eyeing Poilievre's job. The two Progressive Conservative premiers have sought to distinguish themselves from the federal Conservatives, but such transparent support for the Liberal leader is relatively new. "I actually have tremendous confidence in the prime minister, and the team that is representing us as Canadians, to look at all of the factors and the moving parts, and come up to the best deal for Canadians," Houston said. Ford has said he supports dollar-for-dollar tariffs, while Saskatchewan Premier Scott Moe and Alberta Premier Danielle Smith have said the impact of tariffs on U.S. consumers should be enough to force President Donald Trump to change his approach. What all the premiers do agree on is that they don't want to force a trade deal with the U.S. at all costs. If there is no deal that can benefit Canada, they want to focus on internal trade, "national interest projects" and diversifying trade with other countries. "It's still government in many ways. But I will say that the urgency is felt and I'm personally, as a Canadian, incredibly optimistic about the future of this country," Houston said.
CTV News
21-07-2025
- Business
- CTV News
CTV National News: Provincial, territorial premiers meet in Ontario
Watch The premiers of all 13 provinces and territories descended in Ontario Monday with the aim to build up the Canadian economy. Rachel Aiello reports.
Associated Press
21-07-2025
- Health
- Associated Press
Canadians agree: fixing health care will help build stronger Canada
HUNTSVILLE, ON, July 21, 2025 /CNW/ - The Canadian Medical Association (CMA) is heading to Muskoka this week to remind Canada's leaders of the important role health care can play in building a stronger, more resilient nation. 'There have been few greater nation-building projects in Canada's history than health care,' says Dr. Margot Burnell, CMA president. 'Health care is a pillar of the Canadian identity. In this crisis moment as federal, provincial and territorial leaders meet to discuss critical economic challenges, health care must be part of Team Canada thinking.' Health care is a critical part of the Canadian economy. The industry employs approximately 3 million Canadians and contributes more than $200 billion per year to Canada's GDP. But the health system also spends billions importing technology, pharmaceuticals, medical equipment and other solutions. As policymakers aim to create a more self-reliant Canada, we must take this opportunity to consider Canadian-made solutions to the health care challenges that patients face each day. By leaning into Canadian expertise and innovation, we can make Canada a leader in health-care solutions. We know that Canadians value their health care. In a new survey, 89% of Canadians agreed that improving access to care is a key part of building a stronger country. The survey, conducted by Abacus Data on behalf of the CMA, also shows 78% of Canadians are concerned about the potential for intermittent emergency department closures in their communities this summer. Over a third of respondents (38%) say they would avoid an emergency department due to closures and instead use potentially dubious online resources to self-diagnose and self-treat. Canada is facing critical economic and health care challenges. With Canadians calling for action, there is no time to waste in implementing solutions that will improve health care and build a stronger future for all. About the CMA The Canadian Medical Association leads a national movement with physicians who believe in a better future of health. Our ambition is a sustainable, accessible health system where patients are partners, a culture of medicine that elevates equity, diversity and wellbeing, and supportive communities where everyone has the chance to be healthy. We drive change through advocacy, giving and knowledge sharing – guided by values of collaboration and inclusion. SOURCE Canadian Medical Association
National Post
09-07-2025
- Business
- National Post
Liberals could find out soon whether their rushed projects bill will spark another Idle No More
Article content A lot of Indigenous leaders agree with the urgency of powering up the economy. Article content David Chartrand, president of the Manitoba Metis Federation, told the Senate that he supports the legislation because the tariffs imposed by U.S. President Donald Trump threaten the Canadian economy, which would cause hardship for his people. 'We stand with you,' he said. Article content Natan Obed, president of the Inuit Tapiriit Kanatami, said he's concerned about the legislation's ability to limit native rights but he's also hopeful that big projects could be very good for Far North communities. 'There's an incredible opportunity to really become an Arctic nation,' Obed said. Article content Whatever acrimony has erupted over the legislation obscures the improved relations between Indigenous groups and Canadian governments, said Shannon Joseph, chair of Energy for a Secure Future, a non-partisan group that focuses on energy policy. Article content One of the recent trends that had helped improve the relationship is the increase in the number of natural resources projects where Aboriginal communities have taken equity stakes, aided at times by government loan guarantee programs. Article content 'Indigenous peoples are at the heart of this (process),' Joseph said. Article content Carney is now going to great lengths to show that he sees things that way too, emphasizing that Ottawa won't deem projects to be in the national interest without first consulting with affected Aboriginal communities. The new office responsible for advancing big projects will include an Indigenous advisory council that he said will be responsible for ensuring that Aboriginal rights are respected. Article content After the federal bill was passed in Parliament, however, Carney acknowledged that there's more work to be done and said that he plans to begin consultations with Indigenous groups July 17. Article content 'The first thing we will do to launch the implementation of this legislation in the right way is through full-day summits,' Carney said a week before the bill was passed. The federal legislation has company in its intent and controversy: Recent bills have also passed in Ontario and British Columbia that were designed to fast-track major projects. And both were criticized for inadequate consultation with First Nations. Ontario Premier Doug Ford made things worse when he opened old wounds around trust and paternalism when he boosted his provincial bill by arguing that Aboriginal communities can't expect to continue to get economic support if they don't support the infrastructure projects that the economy needs. Article content 'You can't just keep coming hat in hand all the time to government,' Ford said. 'You gotta be able to take care of yourselves.' He soon after apologized. Article content Fiddler was among several Indigenous leaders who accused Ford of racism. Fiddler's riposte was that native communities are tired of federal and provincial governments coming 'hat in hand' for the resources on Aboriginal land. Article content Fiddler says it's not too late to stop the damage to a slowly improving relationship between governments and First Nations. But that would mean slowing down legislation to give Aboriginal communities more time to review and consult with their communities and potentially push for changes. But politicians across Canada are suddenly in a hurry; they're taking their chances. Article content
