Finance ministers talk trade as feds told to ‘look before you leap’ on tariffs

Finance Minister Bill Morneau is meeting with provincial and territorial finance ministers in Ottawa on Tuesday.

Finance ministers from across the Canadian federation are meeting in Ottawa today to explore a number of challenges weighing on their economies — with a particular focus on the intensifying trade dispute with the United States.

The twice-yearly gathering of finance chiefs comes just days before Canada is set to impose retaliatory tariffs on U.S. products. The federal government’s move, a tit-for-tat response to the Trump administration’s stinging tariffs on steel and aluminum imports, will take effect Sunday.

The federal, provincial and territorial governments have maintained a common front in dealing with U.S. Donald Trump’s protectionist policies, which includes the difficult renegotiation of the North American Free Trade Agreement.

Manitoba Finance Minister Cameron Friesen says it’s important for Canada to stand its ground and to speak with one voice on the tariff dispute.

Related: Kelowna boat retailers worry about tit-for-tat tariffs by U.S. and Canada

Related: Trudeau says he can’t imagine Trump damaging U.S. by imposing auto tariffs

But when it comes to retaliatory measures, Friesen is urging the feds to look before they leap to ensure they’re not unduly exposing Canadian businesses to risks.

Quebec Finance Minister Carlos Leitao says he’s keen to discuss possible fiscal measures to support businesses affected by the U.S. tariffs and to reassure firms that Canada is a safe and profitable place to invest.

“The key issue in this possible trade war is investment decisions,” Leitao said before the meeting. “Firms are delaying or postponing investment decisions.”

The finance ministers will also hear a presentation on the Canada-U.S.. relationship from Ottawa’s envoy in Washington, David MacNaughton.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

SFU unveils new lab at Surrey Memorial

Combination of MRI, MEG allows for ‘best possible windows’ intro brain function

Comic Strippers to return to Surrey’s Bell for third time

Improv-comedy show is ‘semi-dressed and completely unscripted’

UPDATE: Surrey firefighters trying to determine what caused Bridgeview propane blaze

Firefighters fought blaze at Pacific Propane Container Recycling

Expansion White Rock Whalers earn first win

New junior ‘B’ hockey team earns victory over Surrey Knights on weekend

UPDATE: Proposal to replace Surrey Knight & Day with 25-storey highrise gets early nod

Surrey council gave the application first and second reading Monday, and a public hearing is set for Oct. 1

B.C. tent city ‘devastated’ after flash flood

Maple Ridge mayor says that residents shouldn’t have to return to their flooded tents

Tornado reported near BC lake

Environment Canada investigates, says a ‘possible’ tornado took place in Mission, by Hayward Lake

Work begins to remove cargo from grounded Haida Gwaii barge and fishing lodge

Westcoast Resorts’ Hippa Lodge broke from its moorings and ran aground early this month

Man convicted of manslaughter in 2016 belt-strangling death in Abbotsford

Shayne McGenn found guilty in apartment killing of David Delaney

Tilray to export cannabis formulation to U.S. for clinical trial

Marijuana remains illegal in most of the U.S.

Court of appeal grants injunction on Taseko’s exploratory drilling in B.C. Interior

The decision provides temporary protection and relief, said Chief Joe Alphonse

Volunteer crew ready to build ramps for B.C. amputee

Jean Moulton will soon have an easier time getting in and out of her home.

VIDEO: B.C. tour offers unique underground glimpse of generating station

About 1,250 people expected at sold-out tour on Sunday

Allegations against Kavanaugh pose test for #MeToo movement

Aside from the Ford-Kavanaugh showdown, this has been a tumultuous season for the #MeToo movement

Most Read