Despite rebounding on Wednesday, the Canadian dollar continues to face pressure after U.S. president-elect Donald Trump threatened to impose a 25 per cent tariff on all Canadian imports.
Canadian dollar coins, or loonies, are displayed on a map of North America in Montreal in a Thursday, Jan. 9, 2014, photo illustration. THE CANADIAN PRESS/Paul Chiasson
"It's going to lead to slower economic growth, possibly higher inflation, possibly higher unemployment and so, again, if you're looking to invest your money in any currency in the world, Canada doesn't look all that attractive," said Concordia University Economics Professor Moshe Lander.It's not a foregone conclusion that a 25 per cent tariff on Canadian exports to the U.S. will be put in place.
More aggressive interest rate cuts by the Bank of Canada compared to the U.S. Federal Reserve has also impacted the loonie, but Lander says, tariffs would be a more significant gut punch."One is, lower profitability, which could be the difference between being in business or being out of business. Lower pay for your workers and make them pay for the tariff in the form of lower wages or pass it on to your consumers and make them pay higher prices.
Sarnia police have released surveillance video of a man identified as a person of interest in a sexual assault investigation.Lambton County is on a list of future sites for power plants in Ontario, including the possibility of a large nuclear facility.A sign of contempt for the government’s healthcare decisions arrived in Durham Wednesday. A community that’s lost all its inpatient hospital beds and overnight ER hours, all within the past several months.
Wildlife conservation groups are raising the alarm over the Alberta government's decision to lift trapping and harvesting limits on wolverines.A pair of Albertans won big in Tuesday night’s Lotto Max draw. According to the Western Canada Lottery Corporation, a $1 million winning ticket was purchased somewhere in the province outside of Calgary and Edmonton.
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