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It is a priority for CBC to create products that are accessible to all in Canada including people with visual, hearing, motor and cognitive challenges. That’s just one small glimpse into the impact a low dollar can have on the way many Canadians see the economy and the politicians they blame for its woes. “People tend to see the currency value as a sort of national virility symbol,” he says. So they’ll get excited when the dollar is high and disappointed when the dollar is low. “For every penny that the dollar goes up or down affects annual cash flows by $7 million a year, so we watch it very closely,” Colborne told CBC News. And currency fluctuations are crucial for the company’s bottom line.
No one will win a trade war or a tariff war,” Liu said in a statement to CNN. The Canadian dollar dipped below 71 US cents, the lowest level the Loonie has fallen to since May 2020, when Trump threatened to impose tariffs on Canadian goods during his first stint as US president. The Mexican peso fell to its lowest value this year, around 4.8 cents.
The U.S. dollar web programming with php and mysql fell to a two-week low against a basket of major currencies. “Targeting both countries suggests the threat was likely a strategic opening move in renegotiating the existing free trade agreement between the three nations,” said Tony Valente, a senior FX dealer at AscendantFX. Schamotta says over the past couple of years the U.S. economy has expanded while economic growth has flatlined in Canada, giving currency traders a clear contrast. “It almost automatically leads to higher gasoline prices. It can filter right into food prices because much of the food that we buy now is imported or has to compete internationally,” said Porter. But it also means exporters who get paid in U.S. dollars bring in more money.
Limited Strength for the Dollar After Higher Than Expected American Inflation
Border Patrol trying to enter the U.S. in-between checkpoints last year, cases on the Canadian side amounted to barely one per cent of the total. This all unfolded, coincidentally, as Canadian cabinet ministers were meeting to discuss U.S. relations, said a federal source. The price for almost all goods imported from the United States, from manufacturing supplies to fruits and vegetables will go up.
Predicting the economic fallout
In a phone call with Trump, Trudeau said the pair discussed trade and border security, with the prime minister pointing out that the number of migrants crossing the Canadian border was much smaller compared with the US-Mexico border. Trump vowed on Monday night to introduce 25% tariffs on goods coming from Mexico and Canada and an additional 10% on goods coming from China. He said the duties were a bid to clamp down on drugs and illegal immigration. Oil prices rose in early trade after falling in the previous session as investors took stock of a potential ceasefire between Israel and Hezbollah, weighing on oil’s risk premium. Global markets were muted after U.S. president-elect Donald Trump pledged tariffs on all imports from Canada and Mexico, and additional tariffs on China.
“The market momentum is clearly against the Canadian dollar right now. And, you know, that market momentum does tend to build ahead of the inauguration date when new presidents take their office,” said Schamotta. Please bear with us as we address this and restore your personalized lists. He did just that when he was last in the White House, placing large tariffs on goods, primarily from China.
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Economic forecasters have been struggling for months to assess the potential impact of Trump’s tariffs on Canada. Ottawa must “take the situation at our border seriously,” he said, calling for a “Team Canada” Online gold trading approach, involving the premiers. Ford has been asking Trudeau to meet with the premiers, saying in a letter that he and his fellow premiers want to discuss how Ottawa plans to approach its relationship with Washington.
Mark Zuckerberg dines with Donald Trump at Mar-a-Lago
“We sell our oil in U.S. dollars, and get U.S. dollars for them, and then convert them back. So today, Surge is getting about $97-$98 Canadian per barrel for our oil, which is a very attractive price,” said Colborne. “I wouldn’t be too shocked if we were to get below 70 cents US and even perhaps all the way down to 68 cents at some point,” said Karl Schamotta, the chief market strategist of the financial payments company Corpay. In other states, the program is sponsored by Community Federal Savings Bank, to which we’re a service provider.
- Many US imports from Canada and Mexico are exempted from tariffs because of the USMCA trade agreement between the three nations that Trump pushed for during his first administration.
- The American dollar gained ground on the currency of almost every industrialized country in the world as he has promised tax cuts, deregulation and sweeping tariffs on all U.S. imports.
- In other states, the program is sponsored by Community Federal Savings Bank, to which we’re a service provider.
- North America correspondent Anthony Zurcher makes sense of the presidential election in his twice weekly US Election Unspun newsletter.
Monetary Policy Report—October 2024
In what can be considered one of this century’s most exciting discoveries in Canadian numismatics, a previously unknown Dominion of Canada 1870 $2 banknote issued in Victoria, British Columbia, has surfaced. The United States imports a significant amount of electronics from China, in addition to machinery, toys, games, sports equipment, furniture and plastics. The exchange was reportedly months in the making, and included the release of at least one Chinese citizen in US custody. North America correspondent Anthony Zurcher makes sense of the presidential election in his twice weekly US Election Unspun newsletter. Speaking in the House of Commons in Ottawa, Trudeau told lawmakers that “the idea of going to war with the United States isn’t what anyone wants”.
Trump has promised significantly larger tariffs during his second term. Although he continues to discuss many different numbers, he has proposed a tariff upward of 60% on all Chinese goods, as well as an across-the-board tariff of either 10% or 20% on all other imports into the US. America imports the majority of its cars and car parts from Mexico, which surpassed China as the top exporter to the US in 2023, according to trade data released by the Commerce Department earlier this year.
Wise gives you the real, mid-market, exchange rate, so you can make huge savings on your international money transfers. Canadian Prime Minister Justin Trudeau called Trump ironfx review shortly after his social media post, an official with the prime minister’s office said. The brief call was focused on border security and trade, a senior Canadian government source told CNN. They characterized the call as productive and said that Trudeau and Trump promised to stay in touch in the days to come.
Ontario Premier Doug Ford said on X that a 25 per cent tariff would be “devastating to workers and jobs” in both Canada and the U.S. Trudeau pointed that out to Trump during their call, the federal source said. Canada has also taken steps in recent months to address U.S. concerns, re-imposing visa requirements on travellers from Mexico, and announcing different cutbacks in immigration. “This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!” Trump wrote on his social media platform Truth Social. Authors and topics you follow will be added to your personal news feed in Following.
