Business Brief: The threat to Canada felt around the world

Good morning. When Donald Trump announced his intention of imposing 25-per-cent tariffs on all imports from Canada and Mexico, European leaders took notice.from the euro zone reveal deepening pain, politicians and business leaders are now scrambling to deal with the added threat of a more combative trade relationship with the White House. It’s like Risk but with much higher stakes.

Support for Ukraine is also waning across parts of Europe. Slovakia and Romania are the latest countries to elect governments that are less committed to Ukraine, joining Hungary and Serbia, which have not joined sanctions against Russia. And if Trump winds down U.S. support for Ukraine, the EU and Britain will have to think long and hard about making up the differenceIn short, yes: Big, big worries.

In Britain, the new Labour government is off to a shaky start with an unpopular budget and a couple of scandals. Prime Minister Keir Starmer has pledged to improve the country’s trade ties with the EU and reduce frictions caused by Brexit. But Britain also wants a trade deal with the U.S., and some Trump advisors have been quoted as saying Britain should align its regulations and trade efforts across the Atlantic, and not toward Brussels.

In Britain, the Brexit vote in 2016 came down partially to fears about immigration. When Syrian refugees first started arriving in 2013, Germans welcomed them with open arms and Chancellor Angela Merkel promised to take in one million. Now support for immigration has plummeted and the AfD is on the rise with a fiercely anti-immigrant message.

Europe has also felt the war in Ukraine much more acutely than Canada, but support for the war is lagging as the cost rises. That too could come to Canada if Russia continues to make advances and sending more weapons seems pointless to many Canadians.

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