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

School, church and old mining site make Heritage BC’s 1st ever ‘watch list”

The list includes sites in need of protection to maintain B.C.’s culture and history

VIDEO: Surfrider Foundation invites Tofino council candidates to cigarette butt cleanup

“I am picking up butts for Surfrider so they don’t wash down the drains and get in the ocean.”

Get ready for a week of sunshine across Vancouver Island

Environment Canada is forecasting temperatures in the high teens all this week

Campfire ban coming into effect across West Coast

The Coastal Fire Centre says bans will begin on Wednesday

North Island Tour De Rock rider Benjamin Leah leads team to Port Hardy

“You don’t have issues and problems when you look at these kids and how much they’re going through.”

VIDEO: Surfrider Foundation invites Tofino council candidates to cigarette butt cleanup

“I am picking up butts for Surfrider so they don’t wash down the drains and get in the ocean.”

Yowza! Twerk, emoji and facepalm are added to Scrabble dictionary, OK?

Merriam-Webster has announced 300 new words have been added to the spelling game

LGBTQ activists, allies in Victoria counter anti-SOGI protest with rally of their own

Lower Mainland activists plan to protest SOGI on legislature lawn, Sept. 29

Cities make power play for new fiscal order with eye to 2019 federal election

Trudeau ordered Champagne to talk with provinces and territories about ways to “address the timeliness of the flow of funds” to projects.

Ottawa area residents take stock of tornado rubble as Ford tours the ruins

A tornado on Friday afternoon tore roofs off of homes, overturned cars and felled power lines in the Ottawa community of Dunrobin and in Gatineau, Que.

Trudeau arrives at United Nations, hoping to re-establish Canada on world stage

Trudeau is beginning his day at the opening of the Nelson Mandela Peace Summit, where he’s scheduled to deliver brief remarks later this afternoon.

B.C.’s FATSO peanut butter to appear on Dragon’s Den

The Victoria company will be featured on the Sept. 27 episode of the popular show highlighting Canadian businesses

Whitecaps see playoff dreams fade after 2-1 loss to FC Dallas

Goal in 87th minute seals Vancouver’s fate

Most Read