U.S.-Canada relationship will be repaired: Bloomberg
March 08, 2019
|
Doing Business In The U.S,
Business Strategy
- Keywords:
- cross-border
- cusma
March 08, 2019
|
Doing Business In The U.S,
Business Strategy
BMO’s Vice Chair Kevin Lynch, who is also a Director of the Asia Pacific Foundation of Canada, recently co-chaired an event where Michael Bloomberg was honoured. Bloomberg spoke about the importance of trade and how Canada’s relationship with the U.S. will continue to thrive despite the present turbulence in the bilateral relationship. He also expressed optimism for the future of this historical alliance.
Canada’s relationship with the U.S. may seem rocky now, but one American CEO is confident the two countries can remain close friends for decades to come. Receiving the Asia Pacific Foundation of Canada’s John H. McArthur Distinguished Fellow award at the University of Toronto on January 16, former New York mayor and Bloomberg L.P. CEO Michael Bloomberg made it clear that U.S.-Canada relations are “larger than any one president, prime minister or trade dispute.” Bloomberg, lamented the fact that the countries’ relationship has hit a rough patch. But, with both nations still espousing democratic values, religious tolerance and compassion for others, their bond can’t be easily broken. Still, Bloomberg is concerned about America’s ongoing trade war with China, and the lack of cooperation between Canada and the U.S. on several big issues, such as climate change. “Our two countries are not working as closely together as they should be on some of the most important issues, such as creating a clean energy economy, confronting the Kremlin as it seeks to destabilize Western democracies and standing up to China when it refuses to open up its markets and abide by international treaties.”
Can’t take trade for granted
With both countries imposing tariffs on billions of dollars worth of each others’ goods, the U.S.-China trade war is particularly troubling, said Bloomberg, because companies that trade together work together. “Trade helps to ensure global stability and we cannot take that for granted,” he said. Trade has also done far more good than harm, he said. Globalization has raised the living standards in most countries, it’s brought more than a billion people out of poverty and it’s made the world a more peaceful place.
A trade war threatens that stability, and not just between the U.S. and China, but between the U.S. and Canada, too. Canada has been dragged into this trade war thanks to the December arrest of Huawei’s chief financial officer, said Bloomberg. The U.S. government asked Canada to arrest the telecom executive and then said it would be open to using her as a bargaining chip in its trade dispute. “Our misguided trade war with China is creating collateral damage for you here,” he said. “It would be an outrage if Washington dropped its extradition request (in exchange) for China agreeing to buy a few more U.S. products.”
Invest more in communities
Bloomberg admitted that trade isn’t perfect and some communities have been left behind, especially in coal towns, which have also been impacted by technological innovation. But tariffs aren’t the answer, he said. Rather, governments should be investing more in communities that have been impacted by trade and technology. “The answer is to make sure no one falls behind and ensure that everyone can share in this success,” he says. “That means providing workers with the skills they need to succeed in today’s economy, which is driven by knowledge, information and technology.”
Renew relationships
It’s also important for Canada and the U.S. to work together again. While the world may seem uncertain, Bloomberg said that now’s the time start reversing climate change, eradicating poverty, creating more gender equality and building a safer world. The only way to accomplish those goals, though, is to “renew and strengthen the economic partnerships and strategic alliances that have been such a powerful force for good over the past century,” said Bloomberg. And while he added that things could get worse before they get better, the Canada-U.S. relationship has survived ups and downs, economic booms and busts, political friends and foes and more. “Do not mistake the chaos in Washington for the resolve of the American people,” he says. “We value our friends, and members of both parties recognize that we have no closer friends than the people of Canada.”
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BMO’s Vice Chair Kevin Lynch, who is also a Director of the Asia Pacific Foundation of Canada, recently co-chaired an event where Michael Bloomberg was honoured. Bloomberg spoke about the importance of trade and how Canada’s relationship with the U.S. will continue to thrive despite the present turbulence in the bilateral relationship. He also expressed optimism for the future of this historical alliance.
Canada’s relationship with the U.S. may seem rocky now, but one American CEO is confident the two countries can remain close friends for decades to come. Receiving the Asia Pacific Foundation of Canada’s John H. McArthur Distinguished Fellow award at the University of Toronto on January 16, former New York mayor and Bloomberg L.P. CEO Michael Bloomberg made it clear that U.S.-Canada relations are “larger than any one president, prime minister or trade dispute.” Bloomberg, lamented the fact that the countries’ relationship has hit a rough patch. But, with both nations still espousing democratic values, religious tolerance and compassion for others, their bond can’t be easily broken. Still, Bloomberg is concerned about America’s ongoing trade war with China, and the lack of cooperation between Canada and the U.S. on several big issues, such as climate change. “Our two countries are not working as closely together as they should be on some of the most important issues, such as creating a clean energy economy, confronting the Kremlin as it seeks to destabilize Western democracies and standing up to China when it refuses to open up its markets and abide by international treaties.”
Can’t take trade for granted
With both countries imposing tariffs on billions of dollars worth of each others’ goods, the U.S.-China trade war is particularly troubling, said Bloomberg, because companies that trade together work together. “Trade helps to ensure global stability and we cannot take that for granted,” he said. Trade has also done far more good than harm, he said. Globalization has raised the living standards in most countries, it’s brought more than a billion people out of poverty and it’s made the world a more peaceful place.
A trade war threatens that stability, and not just between the U.S. and China, but between the U.S. and Canada, too. Canada has been dragged into this trade war thanks to the December arrest of Huawei’s chief financial officer, said Bloomberg. The U.S. government asked Canada to arrest the telecom executive and then said it would be open to using her as a bargaining chip in its trade dispute. “Our misguided trade war with China is creating collateral damage for you here,” he said. “It would be an outrage if Washington dropped its extradition request (in exchange) for China agreeing to buy a few more U.S. products.”
Invest more in communities
Bloomberg admitted that trade isn’t perfect and some communities have been left behind, especially in coal towns, which have also been impacted by technological innovation. But tariffs aren’t the answer, he said. Rather, governments should be investing more in communities that have been impacted by trade and technology. “The answer is to make sure no one falls behind and ensure that everyone can share in this success,” he says. “That means providing workers with the skills they need to succeed in today’s economy, which is driven by knowledge, information and technology.”
Renew relationships
It’s also important for Canada and the U.S. to work together again. While the world may seem uncertain, Bloomberg said that now’s the time start reversing climate change, eradicating poverty, creating more gender equality and building a safer world. The only way to accomplish those goals, though, is to “renew and strengthen the economic partnerships and strategic alliances that have been such a powerful force for good over the past century,” said Bloomberg. And while he added that things could get worse before they get better, the Canada-U.S. relationship has survived ups and downs, economic booms and busts, political friends and foes and more. “Do not mistake the chaos in Washington for the resolve of the American people,” he says. “We value our friends, and members of both parties recognize that we have no closer friends than the people of Canada.”
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