Canada’s inflation rate decreased to two per cent in August, Statistics Canada reported on Tuesday, finally hitting the Bank of Canada’s target in its long campaign to cool price growth. The central bank began aggressively hiking interest rates in April 2022 to tame skyrocketing inflation, and it made its first rate cut since March 2020 in June. “Our … Read more
The U.S. Federal Reserve cut interest rates by half of a percentage point on Wednesday, kicking off what is expected to be a steady easing of monetary policy with a larger-than-usual reduction in borrowing costs that followed growing unease about the health of the job market. “The committee has gained greater confidence that inflation is … Read more
Prime Minister Justin Trudeau has tapped Mark Carney, the former governor of the Bank of Canada, to chair a Liberal party task force on economic growth ahead of the next federal election, the party announced Monday. Carney, whose possible future in politics has been the subject of much speculation, will consult with business, labour and … Read more
Canada’s ambassador to the U.S. said Tuesday the country will work well with whomever wins the November presidential election, saying the government’s “Team Canada” approach of continually meeting with a bipartisan group of American federal, state and local officials has prepared Canada for any eventuality. Speaking to reporters at the Liberal cabinet retreat in Halifax after … Read more
The U.S. is dramatically increasing the duty it charges on softwood lumber imports from Canada, setting the rate at 14.54 per cent. The previous duty was 8.05 per cent. The new rate was shared with trade groups and government officials on Tuesday, but was not immediately posted to the U.S. Federal Register. In a written statement, Mary Ng, … Read more
Canada’s steel and aluminum industries are warning they face an “existential threat” if the Trudeau government fails to move in lockstep with the U.S. and Mexico by introducing tariffs on Chinese steel and aluminum imports this month. “We can’t be the only CUSMA country that is not taking this serious action for many reasons, but … Read more
The Bank of Canada wants the economy to pick up speed again and some members of its governing council are concerned that weak job market conditions could hinder that process. That’s according to the central bank’s newly released summary of deliberations detailing discussions ahead of the July 24 rate decision. “With the emergence of slack … Read more
Stocks tumbled Friday on worries the U.S. economy could be cracking under the weight of high interest rates meant to whip inflation. The S&P 500 fell 1.8 per cent on Friday for its first back-to-back loss of at least one per cent since April. The Dow Jones industrial average lost 1.5 per cent, and the Nasdaq composite … Read more
Premier Li Qiang called on China to explore and introduce incremental policies that are “tangible, effective and accessible to both the public and businesses”, as increasing external headwinds and prolonged weak domestic demand are creating challenges to the annual economic growth target. Analysts said Beijing was likely to opt for an expanding fiscal policy for … Read more
Quebec is extending its partnership with Airbus Canada until 2035, the two jointly investing $1.65 billion to keep manufacturing its narrowbody A220 planes in the province. The French aerospace giant holds 75 per cent of Airbus Canada’s shares while Quebec holds the other 25 per cent. Airbus is set to invest $1.2 billion, and Quebec … Read more
