Latest news with #USCanada
Globe and Mail
5 days ago
- Business
- Globe and Mail
America's trade deficit with Canada is vanishing
If there's a silver lining in Canada's gruesome trade numbers for April, it's that one of the dubious excuses behind President Donald Trump's trade war with Canada is rapidly going away. That would be the trade deficit the U.S. runs with this country. Since returning to the White House, Mr. Trump has regularly thrown out wild claims that the U.S. 'is spending US$200-billion a year to subsidize Canada.' At other times he's pegged the U.S. trade deficit with Canada at US$250-billion. In reality, the annual trade deficit was around US$60-billion last year. Now, with Canadian exports to the U.S. tumbling by 15.7 per cent in April from the month before, the third-straight monthly decline, the U.S. trade deficit is rapidly vanishing. In April the U.S. trade deficit shrank to US$2.2-billion, according to the U.S. Census Bureau, the lowest level since early 2021. Mr. Trump's inaccurate claims about the imbalance in trade between the two countries have been made worse by his decision to overlook the role Canadian oil exports to the U.S. have played in driving the deficit. With oil prices tumbling amid the uncertainty brought on by Mr. Trump's global trade war, that's helped narrow the U.S. trade deficit with Canada. In reality, if crude petroleum is excluded from the picture, the U.S. has long enjoyed a trade surplus with Canada. The only sizable exception to that was the start of this year, as Canadian exporters rushed to move their products into the U.S. ahead of the tariffs. Excluding oil, the U.S. trade surplus with Canada in April was the largest in years. Whether Mr. Trump notices, or cares, is another matter.
National Post
09-05-2025
- Business
- National Post
Seattle businesses take Canadian cash at par to lure sports fans
For years, the arrival of the Toronto Blue Jays in Seattle brought a familiar sight: tens of thousands of exuberant Canadians pouring into the city to cheer on their baseball team. Article content But this year, the crowds are noticeably thinner. Keen to bring them back, Seattle is offering a hefty discount — in hopes of reviving the cross-border tradition during three games this weekend against the Seattle Mariners at T-Mobile Park. Article content Iconic seafood restaurant Ivar's, the Space Needle and the Pacific Science Center are among dozens of businesses participating in the promotion that accepts Canadian dollars at par all weekend. With the loonie worth just 72 U.S. cents, that effectively gives visitors who show Canadian IDs about a 30% discount. Article content 'I think we're earning goodwill, which is what we wanted with our neighbours,' said Ivar's founder Bob Donegan. 'But we are not seeing a significant increase in the number of Blue Jay fans coming to Seattle.' Article content Article content Tourism officials on both sides of the U.S.-Canada border report that travel has dropped sharply amid political tension and economic uncertainty. Article content At the Blaine, Washington border crossing, a major entry point for visitors from Vancouver, southbound traffic was down 52% in the first two weeks of April compared to the same period last year. Passenger arrivals on Air Canada flights to Seattle-Tacoma International Airport dropped 66% in March. Article content Canadians cite frustration with U.S. policies under President Donald Trump, including tariffs and his repeated suggestion that Canada should become the 51st state. Other travelers are avoiding the U.S. over fears of being detained or pulled aside for questioning at the border as part the Trump administration's broader immigration crackdown. Article content Adding to the strain, Canada's economy is showing signs of weakness. Data released Friday showed the country's unemployment rate rose to 6.9% in April amid job losses in sectors like manufacturing that are affected by tariffs. Article content The program to accept Canadian currency, called 'Open Arms for Our Canadian Friends,' includes hotels, restaurants and even transportation companies like FRS Clipper, a boat service between Seattle and Victoria, British Columbia, as well as Kenmore Air, which runs seaplanes between Washington State and western Canada. Article content Even with this effort, Donegan said that looking out his window on Friday, he saw none of the signature Blue Jays ballcaps that typically swarm the area during the games. Article content He also said interviews that he's done with Vancouver radio stations in recent days have been followed by angry fans calling in to say they're 'so irritated with the American policy that they are not coming to town.' Article content
E&E News
07-05-2025
- Business
- E&E News
Canadian, US business leaders buoyed by Trump-Carney meeting
North American business leaders said they hoped a Tuesday meeting between President Donald Trump and Canadian Prime Minister Mark Carney sets the stage for a rapid improvement in trade relations between the two countries. Trump, who had a contentious relationship with former Prime Minister Justin Trudeau, has thrown a cloud of uncertainty over the North American business environment by imposing a series of new tariffs on both Canada and Mexico over the past three-plus months. Tuesday's meeting 'was a very good start' toward repairing U.S.-Canada relations and ending that uncertainty, Goldy Hyder, president and CEO of the Business Council of Canada, said in an interview. 'In fact, I would dare say a strong start and a reason to be optimistic that we've turned a corner here.' Advertisement Hyder urged Carney to build on the momentum by inviting Mexican President Claudia Sheinbaum to the G7 leaders summit that Canada is hosting in June.
Bloomberg
06-05-2025
- Business
- Bloomberg
Key Takeaways From Trump Carney Meeting
Bloomberg's Laura Davison breaks down the meeting today between President Trump and Canada Prime Minister Mark Carney. Laura states this meeting was essentially a reset for the US & Canada, and they spoke about trade deals. Laura speaks with Julie Fine and David Gura on the late edition of Bloomberg's 'Balance of Power.' (Source: Bloomberg)
Bloomberg
06-05-2025
- Business
- Bloomberg
Trump Gives Carney a Fresh Start But No Concessions on Tariffs
This is Washington Edition, the newsletter about money, power and politics in the nation's capital. Today, White House correspondent Josh Wingrove looks at the meeting between the leaders of the US and Canada. Sign up here and follow us at @bpolitics. Email our editors here. As fresh starts go, it could have gone worse for Mark Carney.
