Business Brief: Breaking down a bombshell resignation letter

Good morning. Chrystia Freeland delivered a fiscal update – just not the one we expected. Hours before she was meant to share the federal government’s fall economic statement, the long-time ally of Prime Minister Justin Trudeau dropped a letter announcing her resignation as finance minister. Today, we go line by line through a remarkable letter that shows a governing party at odds over the economic stewardship of Canada.

Freeland isn’t the first finance minister with whom Trudeau has had a falling-out. During the COVID-19 pandemic, tensions arose between the PMO and Morneau, who was concerned about the massive expansion in the federal deficit as a result of pandemic stimulus.whether Trudeau has done the math: “If all your partners complained about the same aspect of your behaviour again and again, you might start to reflect on the fact that you are the common denominator.

“Our country today faces a grave challenge. The incoming administration in the United States is pursuing a policy of aggressive economic nationalism, including a threat of 25 per cent tariffs.” “Political gimmicks” is likely in reference to the two-month GST holiday on toys, alcohol and food that began on Saturday, and a promised $250 rebate for working people earning $150,000 or less.“That means pushing back against ‘America First’ economic nationalism with a determined effort to fight for capital and investment and the jobs they bring.

“It is this conviction which has driven my strenuous efforts this fall to manage our spending in ways that will give us the flexibility we will need to meet the serious challenges presented by the United States.”

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