People Mentioned
Special Advisor, Ottawa
While no one really knows what President Trump’s end game is with his trade wars, Canada has done its best to prepare for what may lie ahead, Special Advisor Stephen Poloz says during a Boom and Bust television interview, hosted by Tony Clement.
“Our approach has been smart,” says Stephen. “We have carefully selected measures that will be felt by someone in the U.S. in some way. American businesses and consumers will be impacted the most. Inflation has been a hot topic for them over the past couple of years.”
“We’ve tried to explain our position to U.S. representatives, but it doesn’t seem to matter. When someone has their mind made up about something, there isn’t much that can be done to change it.”
President Trump has also kept everyone guessing as to his intentions for the automotive industry. The costs of making changes to the automotive manufacturing industry are likely prohibitive “The specialization that has been built into the automotive supply chain to maximize production efficiency is something that has taken 60 years,” says Stephen. “There isn’t much that can be done to change this system in 30 days.”
“The exchange rate is also likely to do some moving which could minimize the benefits of the tariff for the U.S.”
People Mentioned
Special Advisor, Ottawa
