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'Our old relationship of integration with US is now over': Canadian PM
Speaking to supporters, Carney declared, 'Canada now finds itself at a hinge moment of history'. 'Our old relationship of integration with the US is now over. We are over the shock of the American betrayal,' he said.
He emphasised the importance of unity in Canada's response to these challenges. 'President Trump is trying to break us so that America can own us. That will never, ever happen,' he said. The Prime Minister also declared that his upcoming talks with Trump would focus on negotiating a fair economic and security relationship. 'This is Canada, and we decide what happens here,' Carney asserted. 'We will fight back with everything we have to get the best deal for Canada.'
Carney's vision for the future was clear, offering the slogan, 'Canada strong, Canada free, Canada forever'.
Liberals poised for minority win
However, Carney's Liberal Party is expected to fall short of an outright majority, according to projections. The Liberals are forecast to win enough seats in Canada's 343-member Parliament to continue governing, though as a minority. A party needs 172 seats to secure a majority government. ALSO READ |
The election result marks a stunning comeback for the Liberals, who had been facing near-certain defeat until US President Donald Trump's annexation threats and trade war with Canada sparked a nationalist backlash.
In defeat, Pierre Poilievre, leader of the Conservative Party, conceded late on Monday.
'Canadians have opted for a razor-thin minority government, a virtual tie in the vote count. I would like to congratulate Prime Minister Carney on leading this minority government,' he said. Poilievre acknowledged that while there would be opportunities to debate and disagree, 'tonight we come together as Canadians.'
Poilievre had aimed to turn the election into a referendum on former Prime Minister Justin Trudeau, whose popularity suffered due to the rising cost of living and an influx of immigrants. However, Trump's attacks on Canada reshaped the political landscape, leading to Trudeau's resignation and Carney's rise to leadership.
New Democratic Party leader Jagmeet Singh also suffered a blow, losing his seat and stepping down as party leader. Singh, a prominent Sikh-Canadian lawmaker, expressed his support for Carney, saying, "Carney will represent all Canadians and protect our country and its sovereignty from the threats of Donald Trump.'
[With inputs from agencies]
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Economic Times
7 minutes ago
- Economic Times
US bets $400 million on rare earth champion; Should India rethink its industrial policy?
Agencies MP Materials is not an American company that many would have heard of. It is the only integrated rare earth producer in the US, covering the entire value chain from mining to processing and magnet production. Last week, the US invested $400 mn in it, an attempt to use industrial policy to counter China's might in rare earths. Economics 101 frowns on the use of industrial policy - that is, government 'picking winners'. But it can work if used judiciously. India can learn, particularly from the US experience. In the current mood of de-globalisation and associated economic nationalism, industrial policy has become a global buzzword. But there is a great danger in applying it indiscriminately, particularly in a country like India, which has a long history of largely unsuccessful industrial policy. The fact is that India still does not have a global champion. The key to success lies in three principles: use only for select sectors, front the private sector, and ensure that the supported firms are competing globally. India has often flouted all three. In the most strategic sectors, it is usually the public sector that gets preference. India's industrial policy is oriented towards protection, creating firms or industries that serve the domestic market but are not competitive globally. In the US context, Trump's tariff bluster and blitzkrieg are not industrial policy. They represent a mercantilist strategy to reduce America's trade deficit. They are a political strategy to address key political constituencies. But it's not industrial policy. What the US is doing with MP Materials is. The US government has, for long, supported sectors that are hi-tech or inputs to hi-tech (critical minerals and rare earths in today's world). America's defence manufacturing industry (all of it privately owned) is what it is because of state procurement, an underrated instrument of industrial policy. The rise of SpaceX also owes a great deal to procurement by Nasa. The development of the internet also happened courtesy of R&D spending committed by the US. In India, this is another aspect of industrial policy that is under-recognised and under-funded. Direct state investment in firms is another MP Materials, the US government is now the largest shareholder with a 15% stake, but it allows the company to remain in private hands and function independently. And, in most cases, the goal is to create best-in-the-world companies/industries that can dominate all markets, not just the has a legacy of central planning, like China. While much has changed post-1991, the legacy of central planning lives on - most tellingly via 250-plus PSUs. These are usually given preferences, particularly in strategic sectors. GoI has not moved ahead with privatisation, but at least in defence, there is now a deliberate, welcome attempt to encourage private sector participation. But a challenge long as PSUs exist, GoI will always have to give them business, even when private sector companies are more efficient. In natural resources, GoI gives preference to PSUs (they don't always have to compete in auctions, for example). Even in the race to acquire overseas mineral assets, GoI prefers this un-level playing field, PSUs don't have an incentive to be efficient, while the 'competing' private sector bears the cost. GoI also spends resources propping up PSUs with little future, like BSNL, instead of supporting productive firms and R& also overextends itself. PLI, for example, is a good scheme. It trusts the private sector and has worked well in electronics. But there is less evidence of it working in other sectors. It's better to focus on one or two sectors than spread the greatest challenge for India is to change the mindset from creating firms that produce for India to firms that sell to the world. For this, reliance on protectionist measures like trade barriers must go. GoI should insist that it will only support firms that will be global winners. The writer is chief economist, Vedanta. (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. From near bankruptcy to blockbuster drug: How Khorakiwala turned around Wockhardt Paid less than plumbers? The real story of freshers' salaries at Infy, TCS. What if Tata Motors buys Iveco's truck unit? Will it propel or drag like JLR? As deposit ground slips under PSU banks' feet, they chase the wealthy If data is the new oil, are data centres the smokestacks of the digital age? 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Time of India
7 minutes ago
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JD Vance plans summer holiday in the English countryside with family - crowds warn be ready for protests
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Business Standard
7 minutes ago
- Business Standard
Japan's PM Ishiba tries to buy time after historic election setback
Japanese Prime Minister Shigeru Ishiba sought to buy time in office following a second election setback in less than a year. But whether he stays days, weeks or even months, Sunday's vote made clear that his Liberal Democratic Party needs an overhaul to stay relevant. Ishiba on Monday vowed to remain in his job even though his LDP-led coalition finished Sunday running a government without a majority in both chambers of parliament for the first time since the party's founding seven decades ago. While it has ruled Japan for most of that period, younger voters are increasingly turning toward populist smaller parties as rising prices fuel discontent. 'The LDP is a fatigued party and it has a brand problem,' said David Boling, director at the Eurasia Group covering Japan and Asia Trade, former negotiator at the USTR. 'To be blunt I think many Japanese and many Japanese voters see it as a party of old men who are out of touch.' Although the outcome on Sunday wasn't as bad as some of the early exit polls suggested, Ishiba still failed to clear the low bar he set of retaining a majority in the upper house. That leaves him at risk of becoming yet another footnote in the revolving door of Japanese prime ministers that only managed to last for a year or so. For now, Ishiba can lean into the fact that he needs to stay on to negotiate a trade deal with the US to help Japan avoid a steep increase in tariffs from Donald Trump's administration. He cited those talks and other pressing issues at his briefing on Monday. 'I plan to put all of my efforts into finding a solution to the urgent issues we face, including the US tariffs, inflation, natural disasters, and the most complex and severe security environment since the war,' Ishiba said. Still, it looks like his days are numbered — even if he has no obvious successor right now. 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Among the key sticking points is the sectoral tariff on cars and auto parts that is sending profit hit shockwaves through Japan's auto sector. Within the LDP there is already unhappiness about Ishiba's relatively neutral response to Trump's abrupt letter stipulating higher across-the-board duties of 25% from the beginning of August. 'If Ishiba has no concrete results by then the voices calling for his resignation will likely get louder,' said Katsuyuki Yakushiji, professor emeritus at Toyo University and writer of multiple books on Japanese politics. He indicated that August would likely be the make-or-break month for the prime minister. The last three LDP prime ministers who lost an upper house majority stepped down within two months, including Shinzo Abe in 2007 during his first stint as premier. Abe's departure then, may provide a rough time frame for Ishiba now. Abe lost the majority in July, tried a cabinet reshuffle in August to regain momentum then stepped down in September. That month is a common post-summer timing for the LDP to appoint and try to rally around a new leader. At the time, Ishiba was one of the LDP's fiercest voices calling on Abe to resign unless he could justify a reason for staying on. Ishiba was reminded of this comment on Monday and said he clearly remembered asking Abe to explain himself to the public as well as the party. Fast forward 18 years and it's Ishiba taking the heat. The same names in the news, a generation later. The opposition gains in the election show voters are wanting something different. Ishiba is the leader the LDP chose, but he's not the choice of most members of the public. And they seek a sales tax cut to ease the pain of inflation they never asked for either. While the Constitutional Democratic Party came second as the biggest opposition party offering to address the tax issue, many younger voters opted for the Democratic Party for the People's and its pledge of more take-home pay for working age people. Harder conservatives drifted to Sanseito and its 'Japanese First' message, though support remained highly localized around areas with high concentrations of foreigners or as a kind of protest vote in the proportional representation segment of the election. Former Prime Minister Fumio Kishida is among the LDP members who might check a couple of the check boxes cited by Harris, while Sanae Takaichi, the policy hawk who lost out to Ishiba in last year's party shootout, might seem an obvious choice to win back right-wingers. But both would give the impression of looking at the rear-view mirror. Takaichi would likely more look like Abenomics II, than a move forward. Instead the party should look at younger guns such as conservative former Economic Security Minister Takayuki Kobayashi or Shinjiro Koizumi, the 'rice minister' whose quick action has helped cool prices of the nation's staple, according to Eurasia's Boling. In Koizumi's case, he also inherits some reformist cache from his father Junichiro, a party maverick who helped re-brand the party a quarter century ago, something the party needs to do again now. 'I think that brand needs to be a face of a younger LDP member. Is that Kobayashi? Is that Koizumi?' said Boling. 'I think it's probably more Koizumi than Kobayashi.'
