TORONTO — Prime Minister Justin Trudeau's plan to step down has business experts warning about the heightened uncertainty it has created and the need for a unified front to face the challenges ahead.
The potential economic hit from tariffs have business groups urging co-operation and unity following Trudeau's announcement. Business Council of Canada chief executive Goldy Hyder said that while Trudeau's legacy includes positives, it's unfortunate that so often the federal government was at odds with the private sector, and there was a lost opportunity to create better conditions for long-term economic growth.
Canada must hold a federal election by the fall, and Poilievre's Conservatives are leading in the polls. The one certainty the Trudeau announcement brings is that new leadership is coming, but whoever eventually leads the country will have limited levers to pull, said Andreas Schotter, professor of international business at the Ivey Business School.Low productivity and economic growth along with numerous new financial commitments mean Canada will be hard-pressed to respond to the U.S. tax cuts coming, even as Canada is already uncompetitive, he said.
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