Two countries should work together to develop oil and natural gas assets as well as nuclear, hydroelectric and renewable energy
Donald Trump postponed his threatened 25 per cent tariff against Canada and other trading partners on inauguration day because of inflation fears. His scheme is designed to pay for deep tax cuts for Americans and their businesses but tariffs are always inflationary for consumers.
In 1971, President Richard Nixon discovered this after imposing a 10 per cent “import duty” on goods. It was scrapped just months later. “Imagine an American corn farmer having to pay 25 per cent more for his potash, or for fuel,” commented Gary Marr on CTV. He’s the CEO of the Canada West Foundation, a businessman, and a former politician. “That’s not what he signed up for.”
The spectre of inflation has led to Trump’s climbdown about immediate and punitive tariffs. There was no direct reference to import duties, only mention but that the issue would be studied. Clearly, portions of the three-way trade deal with Canada and Mexico will be revised or scrapped.
Author of the article: https://financialpost.com/diane-francis/canada-make-america-energy-secure