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Money Bank Of Montreal Economist Destroys Trump's Argument That Canada Is A Trade Villain

09:55  06 june  2018
09:55  06 june  2018 Source:   huffingtonpost.ca

Canada joins EU in filing challenge to Trump tariffs

  Canada joins EU in filing challenge to Trump tariffs Canada joins EU in filing challenge to Trump tariffsCanada joins the E.U. in dragging a mounting trade dispute with the U.S. to the WTO, which regulates international trade.

Bank of Montreal chief economist Douglas Porter in the lobby of the bank 's head office in Toronto, March 19, 2013. In a recent rant, Porter demolished Donald Trump ' s argument that Canada is a trade villain .

Canada scrambled to figure out Trump 'Muslim ban,' U.S. documents show. The Canadian Press. Bank Of Montreal Economist Destroys Trump ' s Argument That Canada Is A Trade Villain .

File photo: Bank of Montreal chief economist Douglas Porter in the lobby of the bank's head office in Toronto.© FRED LUM/GLOBE AND MAIL VIA CANADIAN PRESS File photo: Bank of Montreal chief economist Douglas Porter in the lobby of the bank's head office in Toronto. Doug Porter, the chief economist at the Bank of Montreal, is by no means the only expert scratching his head over U.S. President Donald Trump's decision to slap tariffs on steel and aluminium from Canada, Mexico and the EU — a move that has led to retaliation by Canada and the onset of a trade war.

But in a client note published Friday, Porter set aside the usual analysis for a "rant" that apparently he could just not keep in. Even big bank economists need to blow off steam, and in Porter's case, he did so by pretty much demolishing the argument that Canada is the trade villain Trump makes us out to be. (Hyperlink is HuffPost's, not Porter's.)

The Canadian government is slapping the US with massive tariffs — and they might be even bigger than expected

  The Canadian government is slapping the US with massive tariffs — and they might be even bigger than expected Canada announced tariffs on US goods in response to President Donald Trump's steel and aluminum tariffs. The Canadian government announced retaliatory tariffs on US goods that look to go beyond the value of US tariffs on imports of Canadian steel and aluminum.

That acceleration gives President Trump a stronger hand as he contemplates more tariffs and takes an increasingly confrontational approach with China, Canada , Mexico and other trading partners. Economists have raised their growth estimates for the second quarter to an annualized rate of nearly

Under Mr Trump , American trade policy has become highly uncertain, as he demonstrates to the On May 31st Justin Trudeau, Canada ’ s prime minister, spoke of his offer to meet Mr Trump to resolve their differences and finalise a NAFTA deal. Subscribe to The Economist today and enjoy great savings.

The President was busy railing about Canada yet again on Friday, tweeting about our "highly restrictive" trade practices. Why, yes, we are only the world's single biggest market for U.S goods and services (with Mexico in a strong second position). With a population of less than 37 million, Canada buys more from the U.S. than Japan, Germany and Korea combined, and almost twice that of China. In addition, bilateral trade between the U.S. and Canada is much more closely balanced than against any other major nation the U.S. deals with. It continues to be baffling beyond words how Canada has ended up being among the Administration's "most wanted" trade villains. All I can say is WTF... Why tariffs for us?

Incidentally, Trump continued his attacks on Canadian trade policy on Monday morning, accusing Canada of unfairly protecting its agricultural sector.

U.S. steel tariffs an insult: Trudeau

  U.S. steel tariffs an insult: Trudeau U.S. steel tariffs an insult: TrudeauOTTAWA - Prime Minister Justin Trudeau says it is "insulting" that President Donald Trump says Canada's steel industry poses a national security risk to the United States.

Toronto. Montreal . New Brunswick. Prince Edward Island. U. S . President Donald Trump made some "factual errors" in tweets about trade with Canada following the G7 summit, and his tariffs threats could be "akin to shooting oneself in the foot," economists tell CBC News.

Mr. Trump seemed to confirm that fear on Friday morning when he tweeted that “ trade wars are good, and easy to win” — an argument that contradicts virtually everything we have learned about how such scenarios play out.

But if Porter is confused, it may be simply because he is expecting something from Donald Trump that the president can't deliver: a consistent and rational approach to trade. Or any other issue.

Some economists have gone a little farther than Porter in taking this into account. Take, for instance, Jeffrey Sachs, the celebrated economist who runs the Earth Institute at Columbia University. In a recent column, Sachs argued that the explanation for Trump's decisions is that he "unwell and unfit to be President."

Trump's so-called policies are not really policies. Trade wars are on, off, on hold, on again, within the span of days. Summits are on, canceled, or maybe on. Foreign companies are sanctioned today and rescued the next. ... Global agreements and rules are ripped to shreds. Trump's garbled syntax and disorganized thoughts are impossible to follow.

Convince Americans that a trade war will cost them, says Paul Martin

  Convince Americans that a trade war will cost them, says Paul Martin Former prime minister Paul Martin said this week he still hopes a global trade war over new U.S. tariffs on steel and aluminum can be avoided — but Americans themselves have to understand first that there's a price to pay for starting one. "The United States has to understand the seriousness of it for itself," Martin said Tuesday in an interview for the podcast edition of CBC Radio's The House .

He said the argument that Trump ' s tariffs on steel and aluminum are a matter of national security are "kind of insulting." Economists point out that the current US economy is much more driven by services like hospitals, universities, tech companies and banks .

Trump ’ s comments dash hopes of resolving US- Canada trade row, and may lead to economic hardships on both sides.

By instinct, we strive to make sense of Trump's nonsense, implicitly assuming some hidden strategy. There is none. ... His is a psychopath's trade war.

There you have it, folks — an expert economist on Trump's trade agenda. Is it even worth negotiating with a Trump administration? And if not, what next?

Strange questions for a strange time.

This article originally appeared on AMP: HuffPost Canada at https://www.huffingtonpost.ca/2018/06/04/trump-tariffs-bank-of-montreal-rant_a_23450339/

Earlier on HuffPost Canada:

  • Here's A List Of What Canada's Tariffs Against The U.S. Will Hit
  • Trudeau: 'Insulting' To Say Canadian Steel Is Security Risk To U.S.

#BuyCanadian takes off amid U.S. trade tensions .
#BuyCanadian takes off amid U.S. trade tensionsBonnie Hallman of Winnipeg says she cancelled a long-desired trip to Alaska shortly after President Donald Trump took aim at Prime Minister Justin Trudeau for pushing back against American tariffs on steel and aluminum.

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