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Money #BuyCanadian takes off amid U.S. trade tensions

19:29  14 june  2018
19:29  14 june  2018 Source:   msn.com

#BuyCanadian: Pocketbook patriotism takes off amid U.S. trade tensions

  #BuyCanadian: Pocketbook patriotism takes off amid U.S. trade tensions Geography professor Bonnie Hallman said she scrapped her dream Alaskan getaway in favour of a trip to P.E.I. shortly after President Donald Trump took aim at Prime Minister Justin Trudeau for pushing back against American tariffs on steel and aluminum. She's among a number of social media users who have resolved to #BuyCanadian in an effort to bolster homegrown industry amid fraying trade relations with the U.S. A recent poll also found that roughly half of Canadians surveyed said they would refrain from cross-border shopping or travelling to the U.S. for pleasure.

Asian stock markets plunged on the latest big sign of rising trade tensions between the United States and China. Hong Kong’ s Hang Seng fell as much as 3.7% on Friday morning, while China’ s Shanghai Composite fell as much as 3.4%, and Japan’ s Nikkei by about 3.9%, shaving billions of dollars off the

Growing tensions between the U . S . and China exacerbated investors’ fears of an all-out trade war between the world’s largest economies, shaving more than 550 points off the Dow Jones Industrial Average on Friday as investors braced for more turbulence ahead.

Donald Trump wearing a suit and tie© Provided by thecanadianpress.com

Social media users are pledging to #BuyCanadian amid a simmering trade standoff with the U.S., but experts say pocketbook patriotism may have unintended consequences on both sides of the border.

Bonnie Hallman of Winnipeg says she cancelled a long-desired trip to Alaska shortly after President Donald Trump took aim at Prime Minister Justin Trudeau for pushing back against American tariffs on steel and aluminum.

The 53-year-old says she's now booked to visit P.E.I. next summer because she would rather spend her dollars towards supporting Canadian tourism.

Scott Chamberlain, a father of four in Ottawa, says he's been trying to fill his grocery cart with mostly homegrown goods to bolster the Canadian producers who could be hardest hit by cross-border friction over trade.

Energy sector helps lift Toronto market

  Energy sector helps lift Toronto market The energy sector helped Canada's main stock index close higher Monday, while U.S. markets were flat to lower amid rising trade tensions between the U.S. and China. Trade tensions between the U.S. and Canada have also escalated recently after U.S. President Donald Trump threatened to impose tariffs on auto imports.

Stocks took a sharp downturn earlier after news that the U . S . has imposed trade sanctions on China and as tensions over a stand- off between Iran and the UK kept oil prices near a barrel.

Markets in the region mostly closed higher on Monday, shrugging off the cautious mood seen earlier as investors focused on a mix of trade tensions and a landmark meeting between U . S . President Donald Trump and North Korean leader Kim Jong Un.

Robert Wolfe, a professor emeritus at Queen's University's School of Policy Studies, says the #BuyCanadian movement could fan the flames of a trade war in which no side would prevail unscathed.

He says the mirror of 'buy Canadian' is 'buy American,' which could have a detrimental impact on Canadian companies trading in the U.S. market.

"If it starts to escalate the Canada-U.S. tensions so that Americans begin to think we're actually just mad at them, as opposed to mad at their president, that could be difficult for Canada-U.S. relations, and ultimately, not good for the economy."

Food economist Mike von Massow of the University of Guelph says a show of Canadian fiscal solidarity may buttress the country's position in trade negotiations, but swearing off American-made products is easier said than done.

Alberta dairy industry slams Trump statements amid developing trade war

  Alberta dairy industry slams Trump statements amid developing trade war Alberta dairy farmers at the centre of a developing trade war between Canada and the U.S. are calling President Donald Trump’s targeting of the Canadian industry unfair. Following a tense G7 meeting, Trump called Prime Minister Justin Trudeau “dishonest and weak” on Twitter, in reference to statements Trudeau made in a press conference regarding retaliatory […]Alberta dairy farmers at the centre of a developing trade war between Canada and the U.S. are calling President Donald Trump’s targeting of the Canadian industry unfair.

/ A man walks past an electronic stock indicator of a securities firm in Tokyo, Monday, March 26, 2018. Asian stocks fell for a third day Monday amid mounting fears about U . S .-Chinese trade tensions . (AP Photo/Shizuo Kambayashi).

OTTAWA—Uncertainty and pessimistic speculation about whether the U . S . would pull the plug on the North American trade deal sent the Canadian dollar and the Mexican peso tumbling Wednesday, a sobering economic market message that came hours after Canada took an aggressive stand against

An online poll conducted by Abacus Data between June 1 to 6 — after Trump said he would impose tariffs on Canadian aluminum and steel but before trade tensions erupted at last week's G7 summit in Quebec — found that more than half of 2,200 Canadian surveyed reported that they intend to avoid buying U.S. wines and cross-border shopping.

The polling industry's professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.

The Latest: Trump and Trudeau meet amid trade tensions .
The Latest: Trump and Trudeau meet amid trade tensions5:09 p.m.

Source: http://ca.pressfrom.com/news/money/-79149-buycanadian-takes-off-amid-u-s-trade-tensions/

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