Canada sleepwalking
Globe says RBC's McKay was right: Canada's sleepwalking Royal Bank of Canada (C:RY) Shares Issued 1,415,074,558 Last Close 11/26/2024 $174.66 Wednesday November 27 2024 - In the News The Globe and Mail reports in its Wednesday edition that as the incoming U.S. administration has fired a shot at Canada, and it was not a warning. Guest columnist Giles Gherson writes that U.S. president-elect Donald Trump announced he will impose a 25-per-cent tariff on all products from Canada and Mexico. The lesson here is a painful one. For too long we have been complacent on all manner of policy, depending too much on our relationship with the U.S. The U.S. has been sending signals for some time. Mr. Trump's first term, during which he tore up the North American free-trade agreement, was a warning. President Joe Biden's Inflation Reduction Act threatened to siphon away investment from Canada. With this latest move, Mr. Trump is taking advantage of our lax policies on the border, immigration, our economy and productivity. RBC chief executive officer Dave McKay has said that senior people in the U.S. believe we are unserious about dealing with the issues facing our two countries. He stressed that we must realign our thinking and focus on our largest trading partner's priorities -- expediting our energy and natural resources projects (such as critical minerals), greater spending to defend the Arctic and the border.