In recent weeks, the future of another proposal that has been a\u00a0major concern for Canadian firms has also come into doubt: the\u00a0border-adjustment tax. Trump told a newspaper last month that\u00a0imposing a border tax would be “too complicated.”<\/p>\n
- \n
- Trump, Trudeau meeting hits right notes<\/a><\/strong><\/li>\n
- Trudeau, Trump find common ground<\/a><\/strong><\/li>\n
- PM’s\u00a0visit a moment of calm in tumultuous White House<\/a><\/strong><\/li>\n<\/ul>\n
\u200bBut despite such reassuring signals, Manley is urging Ottawa to\u00a0adopt “a laser-like focus on competitiveness” to ensure Canada can\u00a0generate stronger long-term growth in the changing environment.<\/p>\n
“Even if the border tax proposal is abandoned and key pillars of\u00a0NAFTA remain in place, initiatives such as tax reform, changes to\u00a0environmental policy and deregulation could have serious\u00a0consequences for Canada’s economy,” the former Liberal MP and\u00a0Chretien cabinet minister writes.<\/p>\n
In particular, he lists four key ways Trudeau can boost Canadian\u00a0competitiveness:<\/p>\n
- \n
- Streamline the regulatory process for major private-sector\u00a0infrastructure projects. He says Ottawa can attract more private\u00a0business investment by making sure regulatory approval processes are\u00a0transparent, predictable, fact-based and can reach decisions quickly\u00a0\u2014\u00a0change that Manley says would be helpful to natural resources\u00a0sectors.<\/li>\n
- Cutting corporate tax rates. Manley says the combined\u00a0federal-provincial taxes paid by corporations in Canada are higher\u00a0than those in most industrialized countries in the Organisation for\u00a0Economic Co-operation and Development. With tax reform likely on the\u00a0way in the U.S., he warns that Canada must stay competitive.<\/li>\n
- Make Canada an international trading and investment hub. Amid\u00a0rising protectionism, Manley says Canada must give exporters access\u00a0to new markets by deepening its trading relationships with Japan,\u00a0India and China.<\/li>\n
- Address the risk that businesses will move to places with less\u00a0restrictive climate policies. The U.S. and several other big\u00a0economies are implementing plans that will impose lower\u00a0carbon-pricing costs on businesses than those in Canada<\/li>\n<\/ul>\n
Manley\u00a0warns that jobs and business activity could simply relocate to\u00a0cheaper jurisdictions. He recommends using the revenue from\u00a0carbon-pricing programs to help offset costs for companies and to\u00a0support the creation of new technologies to help reduce Canadian\u00a0emissions.<\/p>\n
![\"tp-manley-cp-0920\"](\"http:\/\/usa.timesofnews.com\/wp-content\/plugins\/RSSPoster_PRO\/cache\/1e7a5_tp-manley-cp-0920.jpg\")
<\/p>\nJohn Manley, head of the Business Council of Canada, says some of the ways Trudeau can remain competitive alongside Trump’s America-first domestic policy is through corporate tax cuts and smart investing. (Canadian Press)<\/p>\n
Trudeau has also been facing political pressure to take immediate\u00a0action at home to help Canada brace for any spillover effects from\u00a0changes in the U.S.\u00a0<\/p>\n
Interim Conservative leader Rona Ambrose has called on the\u00a0Liberals to adjust domestic policies because Trump plans to reduce\u00a0energy costs, cut corporate and personal taxes and push for more\u00a0deregulation — a plan she fears will help the U.S. steal jobs from\u00a0Canada.<\/p>\n
“Can the prime minister name one single economic policy that he\u00a0has changed since the election of President Trump to protect our\u00a0economy from Trump’s low-tax agenda?” Ambrose asked Wednesday\u00a0during question period.<\/p>\n
She has also accused the Trudeau government of implementing\u00a0policies that have raised costs for Canadians — from a carbon tax\u00a0and an income-tax hike for top earners to higher payroll costs for\u00a0employers through the expanded Canada Pension Plan.<\/p>\n
Growth through investment<\/h2>\n
Finance Minister Bill Morneau has signalled that the Liberal\u00a0government aims to lift long-term growth by staying on its current\u00a0path, one of multibillion-dollar infrastructure investments and\u00a0enhanced child-benefit cheques for families.<\/p>\n
It also includes borrowing and several years of budgetary\u00a0shortfalls.<\/p>\n
Last fall, Morneau predicted a deficit this year of $25.1\u00a0billion. The annual shortfalls are gradually expected to shrink over\u00a0the coming years to $14.6 billion in 2021-22.\u00a0<\/p>\n
The government, however, has declined to give a time frame as to\u00a0when it expects to bring the books back into balance.\u00a0<\/p>\n
“We recognize that in order to create good-paying jobs for\u00a0middle-class Canadians, we have to have an economy that is
working,” Morneau said in the Commons.<\/p>\n“We know that making investments in our economy is critically important.”<\/p>\n
\n\n\n\n\n\n\n\n\nArticle source: http:\/\/www.cbc.ca\/news\/politics\/trudeau-trump-domestic-business-competitive-economy-1.3984772?cmp=rss<\/a>\r\n<\/p>","protected":false},"excerpt":{"rendered":"
An influential organization representing Canada’s\u00a0biggest corporations is urging Justin Trudeau to take ambitious\u00a0steps to shield the country from threats posed by Donald Trump’s\u00a0domestic economic agenda. In a letter to the prime minister, the head of the Business\u00a0Council of Canada warns Ottawa to make Canada more competitive as\u00a0the U.S. president pursues his plans to slash corporate […]<\/p>\n","protected":false},"author":1,"featured_media":70882,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[84],"class_list":["post-70881","post","type-post","status-publish","format-standard","hentry","category-political","tag-political"],"_links":{"self":[{"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/posts\/70881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/comments?post=70881"}],"version-history":[{"count":0,"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/posts\/70881\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/media\/70882"}],"wp:attachment":[{"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/media?parent=70881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/categories?post=70881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/usa.timesofnews.com\/breaking-news\/wp-json\/wp\/v2\/tags?post=70881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
- Trudeau, Trump find common ground<\/a><\/strong><\/li>\n