Latest news with #Mark Carney
CBC
13 hours ago
- Business
- CBC
Carney's done ‘good job' putting Canada first in U.S. trade negotiations, Erin O'Toole says
Prime Minister Mark Carney said Tuesday U.S. President Donald Trump seems wedded to tariffs and any trade deal with the Americans may include accepting some levies on exports. Former Conservative leader Erin O'Toole said Carney has 'generally done a really good job' resetting the tone of negotiations, while making sure core parts of the economy remain exempt from tariffs.
CTV News
15 hours ago
- Business
- CTV News
Most Canadians prefer tough approach in trade talks with Trump: survey
Prime Minister Mark Carney and U.S. President Donald Trump meet at the White House in Washington, D.C., on May 6, 2025. (Adrian Wyld / The Canadian Press) Most Canadians want the government to take a 'hard approach' in negotiations for a trade deal with U.S. President Donald Trump as he threatens to slap a 35-per-cent tariff on products by Aug. 1, a new survey suggests. 'For Prime Minister Mark Carney and the Canadian negotiating team, the approach appears to centre on keeping their head down rather than their elbows up,' according to the Angus Reid Institute in a report about the survey released Tuesday. 'Canadians appear to want more push back.' Three-in-five respondents said Canada should take a 'hard approach,' at 63 per cent, rather than a 'soft one,' at 37 per cent. The data was taken before and after Trump's announcement of the new 35-per-cent tariff. A 'hard' approach means refusing difficult concessions even if it worsens trade relations with the U.S., according to the Angus Reid Institute. Meanwhile, a 'soft' approach is defined as making tough concessions to keep a good relationship with Canada's biggest trading partner. At the same time, nearly half of Canadians surveyed said they support the federal government's decision to kill the digital services tax on American tech companies in order to continue negotiations with the Trump administration. Confidence in Carney An equal number of respondents are confident, at 46 per cent, and not confident, at 45 per cent, that Carney will be able to deliver a good deal for Canada, according to the survey. Among those who lack confidence, they cite trust in Carney as a reason at 72 per cent, while those who feel the opposite believe Trump is too difficult to deal with at 47 per cent or think Carney isn't the right person to reach a deal at 53 per cent. Methodology The Angus Reid Institute conducted an online survey from July 9-13, among a randomized sample of 1,697 Canadian adults who are members of Angus Reid Forum. The sample was weighted to be representative of adults nationwide according to region, gender, age, household income, and education, based on the Canadian census. For comparison purposes only, a probability sample of this size would carry a margin of error of +/- 2.0 percentage points, 19 times out of 20. Discrepancies in or between totals are due to rounding. The survey was self-commissioned and paid for by ARI.
Forbes
a day ago
- Business
- Forbes
How To Become An Energy Superpower
Canada wants to become an energy superpower. But what does that mean and how do you achieve that ... More goal? (Photo by DAVE CHAN/AFP via Getty Images) In his first remarks as Canada's Prime Minister, Mark Carney pledged to make the country a '…superpower in both conventional and clean energy.' But what does it really mean to be an 'energy superpower'? Let's define it: an energy superpower is a country that wields influence over global energy markets through its substantial resources, production capabilities, infrastructure, trading capabilities, strategic policies and innovation capabilities. It can influence global prices, supply security and geopolitical alignments while maximizing the value of its domestic resources. Energy hegemony matters because the world's future economy demands vastly more energy. If all 8 billion people on Earth consumed as much energy per capita as the average North American, we would need five times today's energy supply. That doesn't even account for the impact of the artificial intelligence (AI) revolution. In April, former Google CEO Eric Schmidt testified to the US Congress that energy demand from datacenters could triple by 2030, rising from 3% of demand now to 9%. By 2050, AI may account for more than half of total energy consumption in advanced economies. The rising global need for air conditioning amid record-breaking heat adds even more pressure, as does the mining of cryptocurrencies. If we supplied all that energy using fossil fuels, we would ensure that our climate crisis becomes a catastrophe. Today's energy superpowers are losing their grip. Saudi Arabia, Qatar and other Middle Eastern countries influence prices through OPEC and 'swing' capacity, but they lack clear energy transition strategies. The same is true for the United States, which leads in oil and gas production but has bungled its position in clean energy thanks to political dysfunction. The recently signed 'Big Beautiful Bill' ends various clean energy tax credits passed under President Biden, promising yet more uncertainty for energy innovators. In addition, the US and Canada have driven up the supply of LNG, dreaming that it will replace coal, but that may never happen. Cheap solar and wind have pushed LNG demand and prices downward, causing many projects to be cancelled. The outlook for the next five years is simply not good for LNG, as analysts continue to warn. And then there is Russia, which is rapidly losing influence over European energy markets. Meanwhile, China—with few fossil fuel resources—is emerging as the next dominant force in global energy, as I discussed in a previous post. Why? China controls critical minerals and their processing, dominates solar, wind, EVs and battery production, and is investing in advanced fission and fusion energy. As The New York Times put it, 'There's a race to power the future. China is pulling away.' If China becomes an energy superpower, it probably will use that position as a geopolitical cudgel. But it is not too late for the West. What our business and political leaders lack is a focused plan and the will and tenacity to achieve it. China has a strategic vision, crisply defined in five-year plans. The West has, well, elaborate permitting processes defined in legalese. We spend time determining who can't build what where, while China funds deliberate innovations and builds whatever, wherever it chooses. The next battlegrounds for energy superpowers are small modular reactors (SMRs), geothermal and, most importantly, fusion energy. Often called the 'holy grail' of clean energy, fusion promises reliable, abundant and safe baseload anywhere, anytime, with limited need for additional infrastructure. The country that cracks fusion first will almost certainly dominate global energy markets. Becoming an energy superpower requires long-term commitment, and China is investing accordingly. If countries in the West are serious about competing, they will need four things: Let's not forget that rising demand for energy is only part of this story. The growing frequency and cost of extreme floods, storms, wildfires and heatwaves, fueled by climate change, started this race to replace fossil fuels with cleaner and more scalable sources of energy. This is, indeed, a race. The first countries to become clean energy superpowers will be able to attract valuable industries, create high-paying jobs and wield geopolitical power for decades. The question isn't whether there will be a new energy superpower—it's whether the West has the will to outcompete China and the guts to challenge shortsighted business leaders and politicians at home who are committed to a status quo that is economically and ecologically untenable.
CTV News
a day ago
- Business
- CTV News
CTV National News: Questions over Mark Carney's financial assets
Watch Prime Minister Mark Carney has now disclosed a fuller picture of his financial assets to the ethics commissioner. Judy Trinh takes a closer look.
Yahoo
a day ago
- Business
- Yahoo
Ottawa's 'substantial' borrowing not expected to hit nation's AAA credit ratings: Desjardins
Canada's AAA sovereign credit ratings from two top agencies are safe from Prime Minister Mark Carney's spending promises and tax cuts, according to a new analysis by Desjardins Group. Since the federal election in April, Carney's Liberal government has announced tax-and-spend plans at a 'torrid pace,' Desjardins deputy chief economist Randall Bartlett wrote in a report published on Monday. Carney's election platform included $130 billion in new spending over the next four years. So far, economic relief measures for Canadians have included a personal income tax cut, which took effect on Canada Day, a GST break for certain new home buyers, and cancellation of the capital gains inclusion rate hike. At the same time, Ottawa plans to raise defence spending to two per cent of GDP this fiscal year, which will increase to five per cent by 2035. The government is also due to spend billions on a plan to double the number of homes built annually. 'With the myriad new spending measures and tax cuts announced since the 2025 federal election, investors are rightly asking: what would this substantial increase in borrowing mean for the Government of Canada's credit rating?,' Bartlett wrote. 'The likely substantial increase in borrowing ahead probably doesn't mean much for the Government of Canada's top‑notch credit rating, at least in the near term.' Canada holds AAA ratings on its sovereign debt from Standard & Poor's (S&P) and Moody's Ratings. Fitch Ratings reaffirmed its AA+ on Canada's long-term debt last July. The agency cut Canada from AAA in 2020, citing pandemic-related borrowing. Desjardins analyzed the methodologies used by these agencies, noting such ratings consider both Canada's debt, and its ability to service these obligations, as well as the country's rank relative to other nations. 'Canada's gross general government debt is currently middle of the pack among comparable advanced economies, and is forecast to stay there. So is net general government debt when public pension assets are removed, and it's best in class when they aren't,' Bartlett wrote. 'Meaningfully higher defence spending may erode this advantage, but not as much as it would if other countries weren't also massively expanding their defence budgets.' Carney says his government will table a budget in the fall. Last month, the Parliamentary Budget Officer estimated the deficit will be $46 billion for the 2024-2025 fiscal year. BMO Capital Markets warns Canadians should brace for a bigger figure. 'All told, it wouldn't be surprising to see the federal deficit jump towards $80 billion,' senior economist Robert Kavcic wrote in a research note last week. 'Canada's fiscal picture is getting cloudy given that the current government did not table a post-election budget, and the costed platform has been rearranged by the evolving economic outlook and shifting policy priorities,' he added. 'While the underlying theme of the platform still generally holds, the near-term fiscal projections likely won't.' Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on X @jefflagerquist. Download the Yahoo Finance app, available for Apple and Android.
