More U.S. tariffs are coming. So are Chinese ones
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Toronto Sun
2 hours ago
- Toronto Sun
GOLDSTEIN: Canada's retaliatory tariffs having little impact on U.S.
Prime Minister Mark Carney greets U.S. President Donald Trump during an arrival ceremony at the G7 Summit in Kananaskis, Alta., on June 16, 2025. Photo by STEFAN ROUSSEAU/POOL / AFP via Getty Images The practical problem Prime Minister Mark Carney faces in negotiating a new trade and security deal with President Donald Trump is that Canada is firing blanks with its retaliatory tariffs against the U.S. 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 The issue, as Carney noted in explaining why 'dollar-for-dollar' tariffs against the U.S. won't work — after he initially supported them while running for the Liberal leadership — is that the U.S. economy is 10 times the size of Canada's. That means that Canadian counter tariffs on $95.4 billion worth of U.S. goods to date, along with the 'buy Canadian' campaign urged by the federal government, are having little real-world impact on the U.S. economy. Writing in The Hub last month, University of Calgary economics professor Trevor Tombe, said that in April — the latest data available — the total economic decline in the U.S. due to Canada's retaliatory measures, 'represents about $3.8 billion in missed Canadian purchases from U.S. firms. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. 'While that sounds substantial, the scale of the U.S. economy puts it into perspective: with a nominal GDP of nearly $30 trillion in U.S. dollars — or about $41 trillion in Canadian dollars — this loss amounts to just 0.1% of monthly economic activity' meaning, 'these early signs suggest the impact on the U.S. economy is minimal.' Regarding the voluntary consumer boycotts of American-made products, and buying Canadian ones instead, Tombe wrote: 'While individual choices may have shifted behaviour at the margins, the data reveal no consistent or large-scale changes in imports outside of tariffed goods. 'More data in the months ahead may tell us more. But for now, the conclusion is clear: while retaliatory tariffs had measurable effects on Canadian trade flows, and consumer boycotts — however well-intentioned — reflected genuine public anger with the U.S., neither has yet produced any meaningful economic impact south of the border', which was the Carney government's stated aim. This advertisement has not loaded yet, but your article continues below. Similarly, Carleton University economics professor Vivek Dehejia told iPolitics in February that politicians urging Canadians to buy Canadian-made products over U.S. ones was 'tokenism'. 'It's a nice idea and it's nice there's been an uptick in patriotism and nationalism, but I don't think it's realistic. 'We simply can't replace everything that we import from the U.S. because we're a much smaller economy. 'I don't think it's going to cause much damage to the U.S. economy … it's not going to fix our problem.' That's why Carney, criticized by former Liberal cabinet minister Lloyd Axworthy for taking a 'bootlicking' approach to Trump's demands — easy for him to say since he's not on the hot seat — has already made numerous concessions to the U.S. president in order to avoid an all-out economic war which Canada would lose. This advertisement has not loaded yet, but your article continues below. The latest was Carney scrapping Canada's digital services tax last Sunday, after Trump threatened to end trade and security negotiations with Canada over the DST last Friday. Carney has also delayed retaliation against Trump doubling tariffs on steel and aluminum imports to 50% last month, pending the outcome of the now-resumed negotiations for a trade and security deal between Canada and the U.S. by July 21. In other measures to appease Trump: Carney introduced the 'Strong Borders Act' to 'keep our borders secure, combat transnational organized crime, stop the flow of illegal fentanyl, and crack down on money laundering' in deference to Trump's demands about border security. He announced Canada would meet its long-neglected NATO target of spending 2% of annual GDP on defence by March 31, 2026, another Trump demand, and said Canada would also comply with Trump's demand to increase spending on defence to 5% of GDP by 2035. This advertisement has not loaded yet, but your article continues below. He suspended counter-tariffs on some U.S. goods for six months on the grounds Canadian industries needed time to adjust. None of this is surprising given that Canada is the smaller economic partner in negotiations with the U.S. It appears to have succeeded — at least temporarily — in avoiding the full range of tariffs that Trump could launch against Canada, which Carney hopes to avoid by reaching a deal with him by July 21. Read More This prior to the launch of negotiations on the Canada-U.S.-Mexico Agreement on trade scheduled for next year. To be fair, Trump launched this trade war against Canada and many other countries, not the reverse, and he thinks nothing of violating existing trade agreements. That said, Carney's actions on this issue since becoming prime minister are fundamentally different from the 'elbows up' rhetoric he campaigned on during the federal election. RECOMMENDED VIDEO Crime Toronto Blue Jays Canada Other Sports Editorials
Calgary Herald
4 hours ago
- Calgary Herald
Spending on restaurants takes a bite out of ability to save for a home
Take a pass on the costly steak dinner and save more for a down payment. A new survey examining the impact of spending choices has suggested that Calgary first-time buyers seeking to save up for a home would need to forgo 40 years of steak dinners at a restaurant to come up with a 20 per cent down payment on the average priced home. Zoocasa recently released a report with tongue — or maybe steak bite — firmly planted in cheek to illustrate how Canadian first-time buyers' spending habits impact their ability to save for a down payment. Article content Article content It points to Statistics Canada data showing households spend on average about $3,351 annually on dining out and delivery, or about $65 a week. Article content Article content Article content The national realty firm then compared how many years, based on that sum, it would take if a first-time buyer instead saved the money for a down payment to purchase the average-priced home. Article content In Calgary, it would take about 40 years to save about $133,000, or roughly 20 per cent of the average priced home of about $667,000. Article content That's slightly above the national average of 41 years to come up with about $138,000 for a down payment for the average priced home in Canada of about $666,000. Article content If that seems like a long time, consider Greater Vancouver, where the average price exceeds $1.268 million. There, it would require a buyer to go without restaurant visits and takeout for 76 years to come have a 20 per cent down payment of about $254,000. Article content Zoocasa notes that giving up this discretionary expense can help individuals save more for a down payment, but the strategy is obviously not sustainable or practical. Article content
Toronto Star
8 hours ago
- Toronto Star
Carney should suspend federal loan to BC Ferries for purchase of Chinese ships
Say this for the outrage of BC Ferries preparing to spend an estimated $1 billion to buy four ferries from China, a country doing great injury to Prairie farmers and to fishers in Atlantic Canada and B.C. by imposing tariffs on roughly $4 billion of imported Canadian canola, seafood and pork. It gives the Carney government a bargaining chip to help negotiate an end to our trade dispute with China by suspending the ferry deal at least for now. Opinion articles are based on the author's interpretations and judgments of facts, data and events. More details
