Canada will follow the U.S. in establishing incentives that are supposed to bring jobs to North America and separate supply chains from authoritarian countries
is right, one of the most consequential things for Canada’s economic future is happening right now.
Mr. Biden, through the U.S. Inflation Reduction Act and a pair of other big-money laws, has embarked on industrial strategy that offers massive subsidies for high-tech and green industry. The President referred to them in his speech to the House of Commons Friday as “the single largest investment in human history.”
But it’s worth noting the other part: Geopolitics, competition with China, and the desire to rebuild critical supply chains that don’t rely on authoritarian countries, such as China and Russia, are driving a lot of U.S. economic policy now. The U.S. wants Canada to join that strategy – and Europe, too, Mr. Cohen noted.
“Not matching dollar for dollar, but creating an environment for green-economy, climate-change-oriented, clean-energy commitments – including in the critical-minerals space – to be developed in democratic countries to provide a counterweight to the dominance by China in this space.”adopted Mr. Biden’s rhetoric from top to bottom, although we don’t know how much money Canada will devote to it. Finance Minister Chrystia Freeland is now preparing a package of incentives in Tuesday’s budget.
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