Canada's big banks are shrugging off Trump's trade war
Top executives at the Bank of Montreal and Scotiabank separately referred to the Canada-U.S. trade situation as "manageable" on Tuesday.
Donald Trump, the US President, suggested on Tuesday that he is contemplating renaming Lake Ontario as Lake America amidst the escalating trade conflict with Canada. This proposal echoes his previous unilateral renaming of the Gulf of Mexico to the Gulf of America last year. The trade war between the two nations intensified following Canada's decision to impose retaliatory tariffs on US$20 billion worth of American goods over the weekend.
The White House is now considering this move, stating that they no longer anticipate engaging in business with Ontario due to anticipated trade disputes. Prime Minister Mark Carney accused the US of attempting to subordinate Canada, claiming that Washington aims to destroy Canada's major industries such as autos, steel, and aluminium.
Canada and the US share one of the world's largest trading relationships, with deep-seated ties in various sectors, making a prolonged trade dispute potentially detrimental to businesses and workers on both sides of the border.
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- Trump floats renaming Lake Ontario as ‘Lake America’ amid Canada trade war fortune.com
- Cities brace for fallout as Trump trade war impacts municipalities torontosun.com
- Canada's big banks are shrugging off Trump's trade war cbc.ca
- Trump floats renaming Lake Ontario as 'Lake America' as trade war with Canada escalates channelnewsasia.com
