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Canada's New Finance Minister Wary of Trump Tariffs, Vows Fiscal Support

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Economy News

Trump Tariffs,Canada Economy,Fiscal Policy

Dominic LeBlanc, Canada's newly appointed finance minister, expressed concern over potential economic fallout from Donald Trump's tariff threats. He emphasized the government's commitment to using fiscal tools to protect Canadian households and businesses from any lasting damage. LeBlanc's comments follow the resignation of his predecessor, Chrystia Freeland, and the release of a fiscal update revealing deeper deficits.

Jay Hatfield, founder, CEO and portfolio manager at Infrastructure Capital Advisors, discusses the possible effects of Trump's tariffs.

“I don’t think any responsible government would allow the economy of the country to be permanently scarred by what is the decision of another government,” he told host David Herle. “It’s not that somebody turned on the tap and spent it on something, it’s an accounting legal advice requirement to be transparent about the high risk of future liability,” he said.

“We’re in a difficult position coming out of Covid,” LeBlanc said before adding: “There are some economic indicators and metrics that are encouraging.” “I had a sense that she was struggling. She didn’t get into the details. She did not discuss with me the conversation that reportedly she had with the prime minister,” LeBlanc said. “She said to me, ‘Yeah, it’s a tough weekend.’”

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Freeland Resigns as Canada's Finance Minister, LeBlanc Sworn In as ReplacementChrystia Freeland, Canada's Deputy Prime Minister and Finance Minister, has resigned from Justin Trudeau's cabinet after the prime minister informed her he no longer wanted her in the top economic role. Dominic LeBlanc has been sworn in as her replacement. The news comes amidst a day of political turmoil for the Canadian government.
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