Comments by "Darlene" (@darlene2709) on "Canada's Carney discusses conditions for Trump talks" video.
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The carbon tax is no longer an election issue. "As Governor of the Bank of Canada under Conservative Prime Minister Stephen Harper, he helped steer this country through the biggest economic crisis it has ever faced. When Carney was appointed chair of the G20’s Financial Stability Board in 2011, Harper said that it was “a testament to his skills and to the strength of Canada’s financial system.”
As Governor of the Bank of England, meanwhile, Carney tried to warn Britons about the economic risks associated with Brexit in the lead up to the vote. When they voted for it anyways, he aggressively cut interest rates and provided British banks with liquidity to avert a complete collapse in business and consumer confidence. Mission accomplished." National Observer
Carney won praise for his handling of the financial crisis, when he created new emergency loan facilities and gave unusually explicit guidance on keeping rates at record low levels for a specific period of time.
The Bank of England was impressed enough though to poach him in 2013, making him the first non-British governor in the central bank's three-century history, and the first person to ever head two G7 central banks. Britain's finance minister at the time, George Osborne, called Carney the "outstanding central bank governor of his generation".
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"As Governor of the Bank of Canada under Conservative Prime Minister Stephen Harper, he helped steer this country through the biggest economic crisis it has ever faced. When Carney was appointed chair of the G20’s Financial Stability Board in 2011, Harper said that it was “a testament to his skills and to the strength of Canada’s financial system.”
As Governor of the Bank of England, meanwhile, Carney tried to warn Britons about the economic risks associated with Brexit in the lead up to the vote. When they voted for it anyways, he aggressively cut interest rates and provided British banks with liquidity to avert a complete collapse in business and consumer confidence. Mission accomplished." National Observer
Carney won praise for his handling of the financial crisis, when he created new emergency loan facilities and gave unusually explicit guidance on keeping rates at record low levels for a specific period of time.
The Bank of England was impressed enough though to poach him in 2013, making him the first non-British governor in the central bank's three-century history, and the first person to ever head two G7 central banks. Britain's finance minister at the time, George Osborne, called Carney the "outstanding central bank governor of his generation".
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That's definitely not true. With respect to Trump’s assertion that the U.S. subsidizes Canada to the tune of US$200 billion per year, it’s unclear where this number is derived. In any event, rather than a subsidy, the U.S. trade deficit is a by-product of U.S. economic outperformance relative to other countries.
Last year, Canadian exports of energy products (oil, natural gas, power) to the U.S amounted to nearly $170 billion, or almost 1/3 of total shipments. In contrast, energy accounted for only 6% of all U.S. imports. Put simply, Canadian sources are critical to U.S. energy security.
Remove Canadian energy exports from the equation and the trade story flips. Ex-energy, the U.S. enjoys a trade surplus with Canada of around C$60 (US$45 billion).
A trade deficit is not a subsidy. That would ring true, if for example, the U.S. government transferred US$45 billion annually to Canadian companies out of goodwill, but Americans are receiving value for the dollars spent in the form of goods and services. The trade deficit the U.S. runs with Canada reflects their economic outperformance and above-average spending of Americans, that’s driving a hunger for energy products.
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With respect to Trump’s assertion that the U.S. subsidizes Canada to the tune of US$200 billion per year, it’s unclear where this number is derived. In any event, rather than a subsidy, the U.S. trade deficit is a by-product of U.S. economic outperformance relative to other countries.
Last year, Canadian exports of energy products (oil, natural gas, power) to the U.S amounted to nearly $170 billion, or almost 1/3 of total shipments. In contrast, energy accounted for only 6% of all U.S. imports. Put simply, Canadian sources are critical to U.S. energy security.
Remove Canadian energy exports from the equation and the trade story flips. Ex-energy, the U.S. enjoys a trade surplus with Canada of around C$60 (US$45 billion).
A trade deficit is not a subsidy. That would ring true, if for example, the U.S. government transferred US$45 billion annually to Canadian companies out of goodwill, but Americans are receiving value for the dollars spent in the form of goods and services. The trade deficit the U.S. runs with Canada reflects their economic outperformance and above-average spending of Americans, that’s driving a hunger for energy products.
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