Finance ministers talk trade as feds told to ‘look before you leap’ on tariffs

Finance Minister Bill Morneau is meeting with provincial and territorial finance ministers in Ottawa on Tuesday.

Finance ministers from across the Canadian federation are meeting in Ottawa today to explore a number of challenges weighing on their economies — with a particular focus on the intensifying trade dispute with the United States.

The twice-yearly gathering of finance chiefs comes just days before Canada is set to impose retaliatory tariffs on U.S. products. The federal government’s move, a tit-for-tat response to the Trump administration’s stinging tariffs on steel and aluminum imports, will take effect Sunday.

The federal, provincial and territorial governments have maintained a common front in dealing with U.S. Donald Trump’s protectionist policies, which includes the difficult renegotiation of the North American Free Trade Agreement.

Manitoba Finance Minister Cameron Friesen says it’s important for Canada to stand its ground and to speak with one voice on the tariff dispute.

Related: Kelowna boat retailers worry about tit-for-tat tariffs by U.S. and Canada

Related: Trudeau says he can’t imagine Trump damaging U.S. by imposing auto tariffs

But when it comes to retaliatory measures, Friesen is urging the feds to look before they leap to ensure they’re not unduly exposing Canadian businesses to risks.

Quebec Finance Minister Carlos Leitao says he’s keen to discuss possible fiscal measures to support businesses affected by the U.S. tariffs and to reassure firms that Canada is a safe and profitable place to invest.

“The key issue in this possible trade war is investment decisions,” Leitao said before the meeting. “Firms are delaying or postponing investment decisions.”

The finance ministers will also hear a presentation on the Canada-U.S.. relationship from Ottawa’s envoy in Washington, David MacNaughton.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

Langley trampoline gymnast off to Peru for world qualifiers

The gymnastics club is holding an open house this Saturday, Aug. 18, with free drop-in sessions.

VIDEO: Langley RCMP officer and brother lead Amazing Race Canada Heroes Edition

Courtney and Taylor Callens have become the team to beat

B.C. declares state of emergency as more than 560 wildfires rage

This is only the fourth state of emergency ever issued during a fire season

Trinity Western men’s soccer team starts California trip with a win

Spartans use their ability to execute on set pieces to claim a 3-2 victory

Police issue warning that 19-year-old poses ‘significant’ risk to the public

Varinderpal ‘VP’ Gill of Abbotsford involved in Lower Mainland gang conflict, police say

Interim GoFundMe payments approved in Humboldt Broncos crash

$50,000 to be given to each of the 13 survivors and each family of the 16 people who died

Altidore nets 3 as Toronto drubs Whitecaps 5-2

Vancouver falls 7-4 on aggregate in Canadian Championship final

Ottawa intervenes to get B.C. ball player, 13, to Little League World Series

Before immigration issue was resolved, Dio Gama was out practicing the game he loves Wednesday

Pet goldfish invades small B.C. lake

Pinecrest Lake is located between Whistler and Squamish

Metro Vancouver water reservoirs in ‘good shape’

Reserves sitting at 70-per-cent full, officials said, despite long stretch without major rain

Mounties deployed to help B.C. communities affected by wildfires

RCMP officers heading to places particularly within central, northern and southern B.C.

Chinese medicine practitioner in B.C. facing historical sex assault charges

71-year old Kit Wong practiced acupuncture from his home during the time of the assaults

Quebec sets aside $900 million for companies hurt by U.S. tariffs

Premier Philippe Couillard says his government will make $863 million available over five years

Most Read