A trade war can have "no winners": RBC chief calls on Canadians to unite
A prolonged trade war with the United States can “severely impact” jobs and businesses on both sides of the border and will have “no winners,” says the head of Canada’s largest bank, calling on Canadians to unite behind a long-term economic plan to help boost the country’s struggling productivity levels.
David McKay, chief executive of the Royal Bank of Canada, said many are feeling “upset and disappointed” that the “long-standing and successful economic partnership” between the two countries has been put in question because of the tariffs being imposed, and he shares those feelings.
“On a personal note, I believe this is the moment to unite the country behind a long-term economic agenda — one that boosts competitiveness and drives prosperity for all,” he said in a LinkedIn post on Sunday. “The world wants what Canada can provide in great abundance. We can feed and fuel the growing world, and be a leader in energy, agriculture, critical minerals, advanced manufacturing and technology.”
To do this, he said Canada needs to remove internal trade barriers, approve important projects linked to energy faster, support home-grown innovation and provide more capital to the “best engines” of economic growth.
“Over $1 trillion in goods and services are reliably exchanged between the two countries,” McKay said. “This is good for businesses, workers and families on both sides of the border. It’s been good for RBC, too, as a Canadian bank that proudly calls the U.S. our second home market.”
U.S. President Donald Trump on Saturday announced the imposition of a 25 per cent tariff on all Canadian goods and a 10 per cent levy on Canadian energy on Saturday. In response, Canada said it will impose 25 per cent tariffs on U.S. goods ranging
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