Germany faces February elections after a government vote of confidence loss, while Canada’s Finance Minister Freeland resigns over disagreements on handling US economic nationalism. Despite mixed signals, the UK labor market shows growth, and US retail sales are set to improve, reflecting strong household consumption.
Germany faces February elections after a government vote of confidence loss, while Canada’s Finance Minister Freeland resigns over disagreements on handling US economic nationalism. Despite mixed signals, the UK labor market shows growth, and US retail sales are set to rise, reflecting strong household consumption.
Chrystia Freeland has resigned as Canada’s finance minister, citing policy disagreements with Prime Minister Justin Trudeau, particularly regarding potential tariffs from U.S. President-elect Donald Trump. Freeland, who has served as deputy prime minister since 2019, will take on another cabinet role. She emphasized the need to address the tariff threat seriously, avoiding political gimmicks that could undermine public confidence.
Most economists predict that Prime Minister Justin Trudeau’s government will exceed its self-imposed fiscal constraints, as deficits in Canada worsen. A Bloomberg survey revealed that 13 of 15 economists believe Finance Minister Chrystia Freeland will fail to meet her fiscal commitments, including capping the 2023-24 shortfall at C$40.1 billion. Additionally, there are concerns about maintaining a declining ratio of federal debt and deficits to GDP.
Canada is projected to generate approximately C$100 million ($71.4 million) annually from newly implemented tariffs on Chinese steel, aluminum, and electric vehicles, according to Parliamentary Budget Officer Yves Giroux. Finance Minister Chrystia Freeland announced these tariffs in August, citing China's practice of overproducing goods and undercutting Canadian prices as justification.
Canada"s budgetary watchdog warns that the Trudeau government has likely exceeded its self-imposed fiscal limits, projecting a deficit of C$46.8 billion for 2023-24, surpassing the C$40 billion estimate from Finance Minister Chrystia Freeland. This situation undermines the government"s claims of spending discipline.
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