Federation of Quebec Chambers of Commerce anxious ahead of U.S. election
The Federation of Quebec Chambers of Commerce (FCCQ) is biting its nails while waiting for the results to come in for the U.S. election.
It's a stark choice between two candidates with very different visions for the United States, but whatever the outcome, the impact will be felt in Canada.
“There’s some concern about protectionism in both camps,” said Philippe Noel of the FCCQ, adding that many Quebec businesses are worried about the future of U.S.-Canada trade.
For example, the agreement between Canada, the U.S. and Mexico is about to renew.
Former president Donald Trump promised tariffs of at least 10 per cent on all goods entering the country. Meanwhile, Vice President Kamala Harris was one of only 10 senators to vote against the Canada-U.S.-Mexico agreement.
McGill business professor Vivek Astvansh said much of Canada’s economy is built on free trade with the U.S.
"We are extremely, extremely dependent on the United States and that dependence is not mutual. It is unilateral. And we have not really made progress in lowering that dependence and trying to form better trade relations with other countries," he said.
According to the Business Development Bank of Canada, a 10 per cent tariff on Canadian goods sold in the U.S. would likely slash $7 billion from Canada’s GDP along with some 20,000 jobs.
"I think I, like all Canadians, I look forward to the outcome with a great level of anticipation and uncertainty," said Astvansh.
In Michigan, one of seven key swing states in this election, protecting the auto sector is a major issue. But, industry expert Patrick Anderson said free trade with Canada is not what voters are concerned about.
"This election has put trade policy and tariffs on the front burner and a lot of that has to do with things that Canada has nothing to do with," said Anderson of Anderson Economic Group.
He said Chinese investment, intellectual property theft, and electric vehicle subsidies are driving conversations about protectionism.
"I think both the Trump and likely Harris administrations would take into account the long standing and very important, and mutually beneficial trade relationship between Canada and the United States. I don't see that being threatened by the election," said Anderson.
Still, Canadian businesses will be watching the results of this election closely and bracing for whatever impact it might have.
CTVNews.ca Top Stories
Trump threatens to try to take back the Panama Canal. Panama's president balks at the suggestion
Donald Trump suggested Sunday that his new administration could try to regain control of the Panama Canal that the United States “foolishly” ceded to its Central American ally, contending that shippers are charged “ridiculous” fees to pass through the vital transportation channel linking the Atlantic and Pacific Oceans.
Man handed 5th distracted driving charge for using cell phone on Hwy. 417 in Ottawa
An Ottawa driver was charged for using a cell phone behind the wheel on Sunday, the fifth time he has faced distracted driving charges.
Wrongfully convicted N.B. man has mixed feelings since exoneration
Robert Mailman, 76, was exonerated on Jan. 4 of a 1983 murder for which he and his friend Walter Gillespie served lengthy prison terms.
What's open and closed over the holidays in Canada
As Canadians take time off to celebrate the holidays, many federal offices, stores and businesses will be closed across the country on Christmas Day and New Year's Day.
Can the Governor General do what Pierre Poilievre is asking? This expert says no
A historically difficult week for Prime Minister Justin Trudeau and his Liberal government ended with a renewed push from Conservative Leader Pierre Poilievre to topple this government – this time in the form a letter to the Governor General.
opinion Christmas movies for people who don't like Christmas movies
The holidays can bring up a whole gamut of emotions, not just love and goodwill. So CTV film critic Richard Crouse offers up a list of Christmas movies for people who might not enjoy traditional Christmas movies.
More than 7,000 Jeep SUVs recalled in Canada over camera display concern
A software issue potentially affecting the rearview camera display in select Jeep Wagoneer and Grand Cherokee models has prompted a recall of more than 7,000 vehicles.
'I'm still thinking pinch me': lost puppy reunited with family after five years
After almost five years of searching and never giving up hope, the Tuffin family received the best Christmas gift they could have hoped for: being reunited with their long-lost puppy.
10 hospitalized after carbon monoxide poisoning in Ottawa's east end
The Ottawa Police Service says ten people were taken to hospital, with one of them in life-threatening condition, after being exposed to carbon monoxide in the neighbourhood of Vanier on Sunday morning.