Latest news with #prosperity
Bloomberg
5 hours ago
- Business
- Bloomberg
Countdown to Tariffs Leaves US Importers Craving the Fine Print
President Donald Trump entered office in January pledging to unleash prosperity by raising tariffs and cutting red tape. Six months later, the back-office systems connecting the US and global economies face their toughest test yet against an onslaught of both. Importers, customs brokers and the broader logistics industry are bracing for a deluge of fine print on tariffs before Friday, when Trump has pledged higher country-specific duties amid a number of import taxes targeted at certain products and materials.
Yahoo
3 days ago
- Business
- Yahoo
Why Quebec won't make a bilateral trade deal with Ontario
OTTAWA — When Ontario Premier Doug Ford and Quebec Premier François Legault faced reporters last week, some grinning and nervous laughter ensued when both men were asked why their two provinces could not come to a bilateral agreement on internal trade. Ford has so far signed a memorandum of understanding (MOU) on trade with every province and territory — except for Quebec and Newfoundland and Labrador. Ford said he had 'all the confidence' in Legault, whom he considers to be a friend, and called him a 'smart business person' who 'wants prosperity for the people of Quebec' and understands that 'when Quebec and Ontario prosper, the whole country prospers.' 'So, I'm confident we'll sit down and really hash out a deal,' he said. Speaking in French, Legault said his government wholeheartedly agrees with Ford's objective of lifting internal trade barriers between provinces, but said Quebec would attain the same objective by debating and passing legislation — Bill 112 — in the fall. The bill seeks to facilitate the commercialization of goods from other provinces and territories in Quebec — with some exceptions that will be made public on the government's website — as well as the mobility of certified workers in the province. In an interview, Quebec Minister for the Economy Christopher Skeete, who tabled the bill, said he appreciates the intent behind Ontario and others signing MOUs with other jurisdictions, but said these agreements would amount to added layers of bureaucracy. 'The thinking for us is if you pass a bill like we're passing with Bill 112, that basically just opens everything. Then the point for an MOU becomes moot,' he said. Skeete, who is also responsible for red tape reduction, said the signing of MOUs between different provinces and territories will lead to businesses having to potentially go through dozens of separate agreements if they want to do business elsewhere in the country. 'I'm not sure we're providing the clarity that the exercise in cross-border trade seeks to remedy. I think the way forward is to say mutual recognition and harmonization where possible, and let's just go. I think that is the posture that we need to be dealing with.' Ontario already adopted Bill 2, the Protect Ontario Through Free Trade Within Canada Act, which enables provincial regulators to mutually recognize goods, services and recognized workers from reciprocating provinces and territories and the federal government. An official in Ford's office, speaking on a not-for-attribution basis to discuss internal matters more freely, said they respect Quebec's wish to go solely the legislative route. 'Certainly, we respect that process, and our door continues to remain open,' they said. The official added each MOU does not need dedicated legislation to enact the terms set out between Ontario and each province or territory, but specific agreements could help with the free flow of direct alcohol sales to consumers, for instance. Legault has a majority government in Quebec, which means that Bill 112 will almost certainly pass in the fall. But the bulk of the work on determining which goods should be excluded by regulation from internal trade will commence right after, said Skeete. 'The clock starts when we pass the bill,' he said, adding that different departments inside the Quebec government will have about 12 months to get back to the government and give them a list of goods that they want to opt out of or want to exclude from internal trade. 'In other words, if there's something that's being sold outside of Quebec that you absolutely want to have a different norm, you're going to have to tell us, and then we will publish that on our (ministry of the) Economy website for transparency.' That way, Skeete added, 'businesses will know exactly what they're getting themselves into when they do business in Quebec.' Many requirements that are considered not essential would be dropped once Bill 112 is in place. For instance, Transport Quebec currently has requirements that scooters should have reflectors be a specific colour, and be located both on the wheels and in the back. 'That kind of thing creates a barrier. So, we can agree that the scooter needs to have certain safety measures … but certainly, the colour and the location of the reflectors is really not the dealbreaker. So, that's the kind of thing that would disappear,' said Skeete. Some things, however, will not change under Bill 112. A senior government official in Quebec said French language laws will continue to apply for goods, and that professional orders in Quebec could require the mastery of French to practice in the province. Quebec also has more stringent consumer protection laws, which means that goods coming into the province are still subject to certain guarantees, warranties and other norms bound by Quebec's Office de la protection du consommateur, noted Skeete. The example of the scooter made in another province would not be exempt from warranty obligations unique to Quebec nor would it be exempt from having instructions in French for how to handle the scooter if it were to be sold in the province, he said. 'The way to do business in Quebec doesn't change just because you're importing things from other provinces now.' National Post calevesque@ Carney says he'll only take 'best deal' from U.S. as premiers disagree over retaliation 'We have to toughen up': Premiers expect Ottawa to table bail reform legislation this fall Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our newsletters here.
Yahoo
21-07-2025
- Business
- Yahoo
Trump's tax bill will crush the rural voters who chose him
Our nation was born in an epic struggle over the radical ideals of our founding — that we each have value and government exists to preserve rights bestowed by our creator. The ideals of that Revolution, which was already upon us 250 summers ago, remain radical and new. We Americans have been at our best when we work hard and sacrifice for an idea. Some of these ideas are mighty and bold — freeing slaves, defeating Nazis or communists. Sometimes the struggles are more down to earth — building a family business, getting an education or raising children. Our success has required more than just determination and sacrifice. Success also demanded that we look a problem squarely in the eye without false optimism or self-delusion. Then we moved forward with grim or confident determination, based on facts, not fantasy. Opinion: Trump's tax bill cuts Medicaid coverage for thousands of Hoosiers As a democracy, it often takes us an agonizingly long time to come to grips with these epic challenges. As Winston Churchill, perhaps apocryphally quipped, 'Americans will always do the right thing, when they've exhausted all other options.' That moment is now upon us. America's debt belongs to all of us The U.S. faces a large and growing federal debt. It is not an acute crisis, but a chronic one that threatens to make our economy grow sickly and deprive a generation or two of prosperity. The only way to address this honestly is to face the facts of it, with unvarnished eyes. The federal debt belongs to us all. Many have deceived Americans about simple solutions — whether closing agencies, as DOGE promised, or taxing billionaires at 100%. Even if the government only issued Social Security checks and paid Medicare and Medicaid, we'd still run a deficit. In the end, it has been citizens — plain, ordinary, voters — who allowed this. We haven't balanced the budget in 25 years, across 12 years of GOP presidents, 12 years of Democratic presidents and more swings of the House and Senate than are worth counting. Congress has now passed President Trump's Big Beautiful Bill, the largest, most expansive increase in American debt in peacetime history. I am somewhat sanguine about its passage, for I feel Churchill was right about us. We are at the end of our options, and it is time for some grim truth. The Big Beautiful Bill just made everything worse The U.S. federal budget has run a surplus only when total tax and spending runs between 19% and 20% of our gross domestic product. Today, our taxes are at 17.4% of GDP, while our spending is at 23.4% of GDP. The only way to run a surplus is to significantly raise federal taxes and trim all types of federal spending, including the so-called entitlements of Social Security, Medicare and Medicaid. We cannot get there any other way. This will be painful in unforeseen ways. Take Medicaid cuts in the Big Beautiful Bill, which will affect more than 1 in 7 recipients — many in rural areas that voted for Trump. Those people will still get sick, but instead of seeking preventive care, they'll use costly emergency rooms. In urban areas, families with insurance will bear higher costs. In rural areas, hospitals will close — I expect at least eight in Indiana alone. The only consolation will be that the vast majority of local voters supported this approach. It was clearly laid out in Project 2025 for everyone to read (see pages 462-470). I don't make this point to defend or oppose Medicaid or Medicaid expansions, nor to criticize this part of the BBB. I merely mention this because cutting Medicaid is certain to backfire, particularly in the places that supported Trump. In the words of Thomas Sowell, 'there are no solutions, only trade-offs.' This bill will look disastrous by next year This BBB will likely be the last huge peacetime spending bill, as rising debt service costs constrain future spending while spilling into capital markets, raising mortgage, car loan and credit card rates. This will slow growth and increase economic pain, bringing more pressure to bear. The second big reason why the BBB will look so disastrous in the long run is that most Americans will see the ill effects of it by this time next year. The cuts are deep in places that will be visible quickly — health care, SNAP, water/sewer improvements, energy production and other infrastructure. Opinion: Senate's version of Trump tax bill is a fiscal disaster Republicans created In contrast, the tax cuts will affect very few Americans. The roughly 1 in 50 workers who now earn tips, or the 1 in 50 who earn more than $400,000 will see some benefits. Everyone in between will struggle to discern any change. Future budgets will have to make trade-offs in spending and taxes that demand courage from our elected leaders. Our forthcoming experience with the BBB will do much to frame the nature of those trade-offs. It is also likely to usher in a very different Congress in next year's elections. That's OK with me. In fixing the budget, we cannot get worse than this one. Michael J. Hicks is the director of the Center for Business and Economic Research and the George and Frances Ball distinguished professor of economics in the Miller College of Business at Ball State University. This article originally appeared on Indianapolis Star: Trump tax bill will close rural Indiana hospitals | Opinion Solve the daily Crossword
Zawya
18-07-2025
- Business
- Zawya
Celebrating Partnership: Switzerland and The International Trade Centre (ITC) Reaffirm Commitment to Africa's Trade Future
The International Trade Centre (ITC) celebrated its first Partnership for Africa Day, bringing together more than 200 high-level participants from institutions, Member States, business support organizations, donors, and small businesses. The event also marked a new milestone in ITC's collaboration with the Swiss-African Business Circle (SABC). This landmark occasion showcased how strategic, inclusive partnerships can drive trade, innovation, and prosperity for African small businesses. Held as a high-level welcome reception on the eve of Swiss Africa Business Day (SABD) 2025, the event was co-organized by ITC and SABC. It offered a unique platform for Swiss and African leaders from both the public and private sectors to deepen dialogue and shape forward-looking trade collaborations. 'By joining forces with ITC to organise a welcome reception as the official start to SABD2025, we further strengthened dialogue on Swiss-African trade. The event brought together actors from international Geneva, business support organisations, and public and private sector representatives from Africa, Switzerland, and beyond,' said Helena Bischoff, Deputy Managing Director, SABC. A central highlight of the gathering was the signing of a memorandum of understanding between H.E. Helene Budliger Artieda, State Secretary of the Swiss State Secretariat for Economic Affairs (SECO), and Prof. Benedict Oramah, President of Afreximbank. This formalized Switzerland's renewed commitment to advancing regional integration and SME development in Africa. Beyond official engagements, the reception celebrated the richness of Africa's creative economy. From a 'Taste of Africa' culinary experience curated by Geneva-based African restaurants to a fashion showcase featuring designs from the Pan African Fashion Alliance (PAFA) and Swiss NGO Afrodysée, the event underscored the growing importance of diaspora engagement and cultural industries in trade development. 'The State Secretariat for Economic Affairs collaborates with ITC, a long-standing partner, to strengthen the competitiveness of African SMEs by promoting intra-African trade and fostering linkages between Africa and Switzerland,' noted SECO representatives. As host country and development partner, Switzerland continues to play a pivotal role in ITC's mission to empower African small businesses. Through its One Trade Africa initiative, ITC supports the implementation of the African Continental Free Trade Area (AfCFTA) and promotes triangular cooperation between Switzerland, African institutions, and global partners. This inaugural Partnership for Africa Day was not only a celebration but also a springboard toward a more connected, resilient, and opportunity-rich trade future for Africa. Together with Switzerland and partners such as SABC and Afreximbank, ITC is committed to turning dialogue into action—and partnerships into impact. Distributed by APO Group on behalf of International Trade Centre.
CBC
17-07-2025
- Politics
- CBC
Canada needs to ‘close the First Nations infrastructure gap': ASFN chief
Prime Minister Mark Carney promised First Nations rights-holders wealth and prosperity for "generations to come" at a summit Thursday designed to allay leaders' concerns about the government's major projects law, which has ignited criticism because it allows for fast-tracked approvals. Assembly of First Nations National Chief Cindy Woodhouse Nepinak said there are 'so many years of neglect' in infrastructure for First Nations that the government needs to address. Read more:
