Canadian bank CEOs are expressing concerns about the potential impact of tariffs on their businesses and the overall economy. They are also facing uncertainty due to political instability following Prime Minister Trudeau's announcement to suspend parliament.
The heads of Canada 's biggest banks are finally seeing risks around mortgage renewals easing, only for worries about tariffs and political uncertainty to take their place. 'I think the tariffs can do a lot of damage,' RBC chief executive Dave McKay said Tuesday at a bank CEO conference hosted by RBC Capital Markets.The worry comes as incoming U.S.
president Donald Trump has threatened to impose a 25 per cent tariff on Canadian and Mexican imports over what he says is concerns around border security. McKay said it's not just a question of whether the U.S. will impose tariffs, but whether they'll be broad or targeted, as well as how long they might stay in place. 'It's causing concern among everybody that it will do economic damage, and we're not sure the objectives it's trying to achieve,' he said.CIBC chief executive Victor Dodig said he is also concerned about the risks, but that he's hoping it will become clear the damage tariffs would do to both countries. 'I'm sure that sensible minds will prevail in terms of looking at the integrated nature of our economy, and how do we move things forward for the benefit of American consumers and companies and Canadian consumers and companies.' He said whatever the outcome, the bank will manage through it just like it did during the pandemic, by controlling what it can -- and Canada should do the same with actions like an internal free-trade agreement.Making progress domestically, however, won't be easy after Prime Minister Justin Trudeau announced on Monday he had suspended parliament until March 24 and would be stepping down after a Liberal leadership race. The uncertainty around who will lead the Liberals and what will happen with the election this year will likely affect investments in Canada, BMO chief executive Darryl White said. 'What do people do when they're uncertain? They wait ... that waiting that is a natural consequence of uncertainty, is starting I think to set in a little bit in Canad
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