Bessent doubts Canada can go tit-for-tat with an economy 13 times its size
The Department of Finance said Champagne will also join a G7 finance ministers and central bank governors meeting on the margins, and hold bilaterals intended to advance trade diversification, strengthen strategic partnerships, and “attract new investment opportunities to Canada.”
The department listed the global economy, sovereign debt architecture, and financial literacy as agenda items ahead of the G20 leaders’ summit in Miami on December 14 and 15.
Royce Mendes, head of macro strategy at Desjardins, said in a note carried by the Globe and Mail that the escalation will be “difficult for the Bank of Canada to navigate,” arguing that counter-tariffs and elevated oil prices leave policymakers reluctant to add stimulus even as growth takes a hit.
Sébastien Mc Mahon, chief economist at iA Financial Group, said the loonie is among the most shorted major currencies, “leaving much less room for further downside,” in comments reported by BNN Bloomberg.
The same report put the Canadian dollar at 72.24 cents US on August 24, down from 72.67 cents US the previous session, with the S&P/TSX composite index closing up 93.89 points at 36,714.12.
