Canada column for Sunday, Nov. 20/16
THE CANADIAN REPORT
(c) By Jim Fox
Concerns that a Donald
Trump presidency will result in changes or the end of the North American Free
Trade Agreement (NAFTA) should prompt Canada to respond in an “intelligent
way.”
Former Cabinet
minister Perrin Beatty, now president of the Canadian Chamber of Commerce, made
the comment and said “the world has changed” as a result of Trump’s election
victory.
The president-elect
spoke of renegotiating “our horrible trade agreements” with China and NAFTA to
get “a much better deal for America.”
Speaking to the
Confederation Club, Beatty said Canada should be prepared to move on its own
trade agreements should there be a collapse of U.S. participation in such deals
as the Trans-Pacific Partnership.
Steps should
include Canada diversifying its trade, maintaining openness to the global
economy, and removing barriers to Canadian goods and services, he suggested.
NAFTA, enacted 22
years ago between Canada, the U.S. and Mexico, is the “envy of the world” and
Canada should fight for a deal to benefit all.
“Revisiting the
agreement could provide an opportunity to modernize the deal and to present
Canadian requests,” Beatty said.
---
Canadians might not
have noticed it yet, but Statistics Canada says food prices last month had
their first year-over-year decline in nearly 17 years.
Competition among
stores, a more stable Canadian dollar and bumper crops in the U.S. helped bring
the prices down 0.7 percent.
Food bought at
grocery stores had its biggest drop since July 1992 at 2.1 percent while
restaurant prices gained 2.6 percent.
The consumer price
index was up 1.5 percent last month compared with a year ago with transportation
(gas up 2.5 percent) and housing sectors higher but offset by lower food
prices.
---
News in brief:
- The Royal
Canadian Geographic Society has chosen the gray jay, also known as the whiskey
jack, Canada’s national bird. A two-year search resulted in the selection that “epitomizes
the best of the country’s national traits.” The jay, considered to be smart,
hardy and friendly is found in the boreal forests of every Canadian province
and territory, but nowhere else on earth.
- Canada’s housing
agency wants regulators to consider raising the minimum down payment required
on a house to ease affordability and reduce risk to the financial system. Lower
down payments would fuel housing demand and lead to higher housing costs,
hurting first-time homebuyers, said Evan Siddall of Canada Mortgage and Housing
Corp. There’s other help as the Ontario government said it will offer land
transfer tax rebates of up to $4,000 for first-time buyers.
---
Facts and figures:
Canada’s dollar has advanced to 74.03 cents
U.S. while the U.S. dollar returns $1.35 Canadian, before exchange fees.
The Bank of Canada’s
key interest rate is steady at 0.5 percent while the prime-lending rate is 2.7
percent.
Stock markets are higher,
with the Toronto exchange index at 14,864 points while the TSX Venture index is
at 746 points.
The average price for
gas in Canada has dropped to 98.1 cents a liter or $3.72 (Canadian) for a U.S.
gallon.
Lotto 6/49: (Nov.
16) 3, 5, 6, 9, 33 and 47; bonus 19. (Nov. 12) 2, 4, 6, 22, 25 and 42; bonus
44. Lotto Max: (Nov. 11) 8, 14, 18, 20, 24, 39 and 46; bonus 23.
---
Regional briefs:
- Voters in Niagara
West-Glanbrook have elected 19-year-old Conservative candidate Sam
Oosterhoff to fill a vacancy in the
Ontario legislature. This makes the first-year political science student at
Brock University the youngest person ever elected to the legislature. He
succeeds former Conservative leader Tim Hudak. In Ottawa-Vanier, Liberal
Nathalie Des Rosiers was elected.
- A developer has
put his plans on hold for now to build a Muslim housing community on Montreal’s
south shore. Nabil Warda said he’s faced backlash and his proposal was
misinterpreted as a “Muslim ghetto.” Among the critics was Premier Philippe
Couillard who said the concept of segregated neighborhoods runs against
Quebec’s values of diversity and inclusiveness.
-30-
Jim Fox can be reached at canadareport@hotmail.com
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