Liberal leader Mark Carney said Monday that he has a plan to underpin the Canadian economy as the United States attends to a recession resulting from the aggressive tariff actions of President Donald Trump, creating what Carney called a “financial crisis” that has the potential to undo the international commercial system.
Carney said he obtained Canada during the financial crisis of 2008-09 and helped the United Kingdom to deal with the consequences of Brexit as the central banker for each country, and can do it again as a prime minister at this dangerous moment.
Meanwhile, conservative leader Pierre Poilievre pointed to Carney on Monday, saying that the “trophies titles” of the liberal leader are not enough and cannot be trusted that he supported policies as a carbon tax in the past. “We need a new conservative government for a change,” said Poilievre.
The Canadian and American values markets have been volatile since Trump announced unexpectedly high tariffs in virtually all countries of the world last week, a political decision that has eliminated billion dollars of wealth and caused extreme anxiety among some retirees.
Carney said no “sugar” what will come in the coming weeks if Trump does not retire from some of his most aggressive measures such as huge tariffs on the goods from the European Union, China, Vietnam and others, not to mention those who already raised in Canada and Mexico.
“There may be some difficult days ahead, but I also want to ensure that we are prepared,” said Carney.
The leader of the Liberal Party Mark Carney, speaking from Saanichton, BC, on the 16th of the electoral campaign, says in response to the commercial war and the uncertainty of the United States market that its government would reduce by 25 percent the minimum amount that must be withdrawn from the registered retirement income funds.
Carney said he spoke with the governor of the Bank of Canada and the Minister of Finance on Monday to verify the economic well -being of the country and its financial institutions amid large swings in the markets of actions and basic products.
Carney said that Canada’s financial institutions are “solid as a rock”, and that there is no important problem with global banks, since there was during the great recession.
Instead, Carney said that panic is now driven exclusively by Trump and his tariffs, which he will be “fundamentally harmful.”
He said that the risk of a recession of the United States “has increased significantly”, and “will not be glad to become more likely.”
“What is happening is a direct consequence of the unjustified tariffs of President Trump against Canada, Mexico and then the world,” said Carney. “This is what worries us, and in fact this is what we have been trying to warn the president of the United States.”
Short -term strategies
In the short term, Carney said that it has relaxed employment insurance requirements to obtain cash from dismissed workers immediately, and is deferring corporate tax payments and GST remittances to give companies certain liquidity. The Canada Business Development Bank (BDC) will also deploy more capital for industries affected by rates.
To help the elderly who fear selling investments in a negative market, Carney said that if it is re -relaxed, their government would reduce the amount of money retirees must withdraw from their registered retirement income fund (RRIF) by 25 percent. It also promises to recharge the guaranteed income supplement to show the largest of low income a lifeguard.
In the middle of the term, Carney said that a re -elected liberal government “would accelerate the main investments” to stimulate economic growth, adding that Canada should build natural resources projects so that we like energy supplies and other foreign energy supplies.
He said that carrying Western Canadian oil to the Eastern markets will make the country collectively richer, and the refineries will not have to import 500,000 barrels of oil per day from abroad.
Carney said he has also left instructions with upper bureaucrats to begin dismantling internal commercial barriers while this choice is underway.
The other part of the Carney Plan is a rapid diversification of trade with what he calls “reliable” partners, since he seeks growth beyond North America, while the Canada-United States relationship is on the side.
He spoke with German Chancellor Olaf Scholz last week about deepening economic ties “in the current world commercial context.”
Carney was also on the phone of British prime minister Keir Starmer on Sunday night and both discussed, according to a reading of the United Kingdom, how “a total commercial war is nobody.”
There have been some commercial tensions between Canada and the United Kingdom in recent years, but the two leaders discussed economically approaching a president of the United States.
The conservative leader Pierre Poilievre, who speaks Monday from Terrace, BC, said that if he chose the prime minister, he would move to create a ‘rapid resource project office’ to optimize project requests. If the appropriate projects would be approved after a maximum of a year of review.
Poilievre is launching similar measures: support for workers and companies, reduction of RRIF removal requirements and a plan to turbocate economic development for fast monitoring energy projects.
“We have to admit that this chaos is the direct result of bad, unnecessary chaotic policies, from President Trump,” he said.
Pailievre said that some elements of the British press have “condemned” Carney and his history in the United Kingdom Carney has been attacked for a long time by pro -brexit voices that have accused him, a pro-rema figure, to sabotage the effort.
The former British conservative chancellor who hired Carney for the work of the central banker said that the Canadian was “the best person in the world for work.”
In an interview, Robert Kavcic, a senior economist of BMO Capital Markets, said that Trump’s high rates are “the worst case”, and that it will be difficult for Canada to navigate through this commercial uncertainty in the coming months.
Trump’s tariffs will probably torpedo the economic growth of the United States and at the same time increase the prices of some goods, he said: the conditions for another episode of “Stagflation”.
He agreed with Carney in which the United States could lean in a recession this year.
Since Canada is so linked to the United States, as a result there could be coup effects in this country, he said.
“It will be difficult for Canada to get out of this without one or two quarters of negative economic growth,” he said. “We will be flirting with an atmosphere of recession at the end of this year.”
