Whale Large Capital
  • Politics
  • World News
  • Business
  • Investing
  • Politics
  • World News
  • Business
  • Investing

Whale Large Capital

World News

Canada’s election will be an ‘elbows up’ battle, but not for the reasons you may think

by March 24, 2025
March 24, 2025
Canada’s election will be an ‘elbows up’ battle, but not for the reasons you may think

There were likely as many groans as laughs across Canada when comedian Mike Myers hovered over the hockey boards in a campaign ad with Prime Minister Mark Carney, his “elbows up” battle cry on display as the country of his birth takes on the country he calls home.

The Liberal Party ad played up many trite but true Canadian stereotypes and jokes that are not going to cut it during this sobering election campaign.

US President Donald Trump will obviously not be on the ballot in Canada – but how each candidate proposes to deal with him is. “Standing strong,” “elbows up,” these are mantras all Canadian politicians have adopted, but how they deal with Canadians’ expectations and an economy facing the threat of a trade war with its largest trading partner is the contest that will matter.

Since returning to the White House in January, Trump has repeatedly threatened to annex Canada and wreck its economy with tariffs, mockingly referring to the US’ northern neighbor as “the 51st state.”

Carney describes the danger posed by Trump as existential, saying at his campaign kickoff that the US president wants to “break us so America can own us.”

“I’m asking Canadians for a strong, positive mandate to deal with President Trump and to build a new Canadian economy that works for everyone because I know we need change, big change, positive change,” added Carney Sunday, as he began a five-week campaign that will end with a national vote on April 28.

His Conservative Party challenger, Pierre Poilievre, sounds near identical in his tone.

“I will insist the president recognize the independence and sovereignty of Canada, I will insist that he stop tariffing our nation, and at the same time I will strengthen our country so that we can be capable of standing on our own two feet and standing up to the Americans where and when necessary,” said Poilievre in his first campaign speech Sunday.

Poilievre and Carney’s parties are virtually tied heading into this campaign and how they calibrate their response to Trump for voters, many of whom are equally enraged and terrified by the US leader’s threats, will likely decide this election.

“We are over the shock of that betrayal, and it is a betrayal, but we should never forget the lessons,” Carney has repeatedly said in speeches without, so far, leveling with Canadians about what those lessons should be.

Canada’s economy is not in fighting shape. The “elbows up” slogan might get voters’ hearts racing, but Canadians need to roll up their sleeves if they’re to survive America’s economic blows.

For years economists have sounded the alarm over Canada’s low productivity, a key weakness that makes it even more vulnerable during a trade war.

Carolyn Rogers, a senior deputy governor at the Bank of Canada called it a “break the glass” emergency last year, adding that in the past four decades, Canadian productivity has fallen significantly, especially when compared to the United States.

“Labour productivity measures how much an economy produces per hour of work. Increasing productivity means finding ways for people to create more value during the time they’re at work,” she wrote, adding that it’s a way inoculate the economy against challenges like inflation.

A TD Economics report in May 2024 put it succinctly, observing that Canada’s economy has struggled to find ways to boost the productivity of workers.

Even for a former central banker like Carney, or a resource-booster like Poilievre, there is no quick fix. Canadians are in danger of a significant decline in their standard of living if they do not begin to mitigate the impact of a “decoupling” from the US.

The United Kingdom and Europe are going through a similar reckoning, and the leaders of Britain, France, and Germany have, if tentatively, opened a dialogue with their citizens making it clear that a detachment from the US may mean cuts to social programs, increased deficit financing or both.

It is unlikely that language will find its way into Canadian stump speeches over the next several weeks, but it ought to.

In just 10 days as prime minister, Carney has announced tax cuts to income, energy, and new homes. And increased spending for social programs like national dental care.

Poilievre has promised his own “bold and beautiful” tax cuts along with new spending on the military and funding new programs like subsidizing apprenticeships for workers in the trades.

“We will stare down this unprovoked threat with steely resolve because, be assured, Canadians are tough, we are hardy and we stand up for ourselves,” said Poilievre at a campaign stop on Sunday evening.

Even his attacks on the Liberal Party, accusing it of putting Canadians “under the thumb of the Americans,” is devoid of any prescription for fixing that.

Trump is a once in a lifetime foil for Canadian politicians, criticizing him and his policies is a campaign cudgel that is easy to land.

That may change on April 2, the day Trump has promised to impose reciprocal tariffs on all countries, including Canada.

With the potential for mass layoffs within days of that announcement and a further plunge in the value of the Canadian dollar and stock market, party leaders will need to drop the slogans when they raise those elbows and articulate a path forward.

This post appeared first on cnn.com
0
FacebookTwitterGoogle +Pinterest
previous post
El Salvador says families can file complaints over unjust detention in notorious mega-prison
next post
South Korea top court reinstates prime minister suspended over martial law turmoil

You may also like

‘My whole body was praying for my death’:...

November 19, 2024

Deadly gas explosion in Taiwan tears through shopping...

February 13, 2025

King Charles cancels engagements after experiencing temporary side...

March 27, 2025

Israel agrees to pauses in fighting in Gaza...

August 30, 2024

‘I learned all my skills on the dark...

February 11, 2025

Rubio to skip Ukraine talks as Zelensky rejects...

April 23, 2025

Cubans enter third day without power after fresh...

October 20, 2024

China’s Coast Guard claims to have entered the...

October 3, 2024

Xi and Putin hail tightening ties in call...

January 22, 2025

Three dead after shooting in Sweden, police say

April 29, 2025

    Subscribe today to receive exclusive access to all our retirement secrets and income strategies, including special financial news and updates from our experts. From time to time, our newsletters feature valuable insights and analysis on the latest financial trends. Don't miss out on these exclusive updates – join our subscription to stay informed!


    By opting in you agree to receive emails from us. Your information is secure and your privacy is protected.



    Latest

    • Trump warns Iran faces ‘violence like people haven’t seen before’ if nuclear deal fails

      May 15, 2025
    • SEN JOHN KENNEDY: Why SCOTUS should seize opportunity to eliminate universal injunctions

      May 15, 2025
    • 5 new Uber features you should know — including a way to avoid surge pricing

      May 15, 2025
    • TikTok beauty influencer shot dead during live stream in Mexico

      May 15, 2025
    • Inside the Bayesian’s final moments: extreme winds sank superyacht, interim report finds

      May 15, 2025
    • At least 31 suspected Maoist rebels killed in India’s ‘biggest ever operation’ against decades-old insurgency

      May 15, 2025

    Categories

    • Business (620)
    • Investing (661)
    • Politics (4,057)
    • World News (2,727)
    • Terms & Conditions
    • Privacy Policy
    • Contact us
    • About us

    Disclaimer: WhaleLargeCapital.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 WhaleLargeCapital.com | All Rights Reserved