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Stephen Poloz, Governor of the Bank of Canada, arrives for a news conference after the release of the bank's Monetary Policy Report, in Ottawa, Wednesday, April 12, 2017. (FRED CHARTRAND/THE CANADIAN PRESS)
Stephen Poloz, Governor of the Bank of Canada, arrives for a news conference after the release of the bank's Monetary Policy Report, in Ottawa, Wednesday, April 12, 2017. (FRED CHARTRAND/THE CANADIAN PRESS)

U.S. trade protectionism the biggest threat to Canadian economy: Poloz Add to ...

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The spectre of U.S. trade protectionism is “the number one threat” to Canada’s economic well-being over the next several years, Bank of Canada Governor Stephen Poloz told a Senate committee in Ottawa on Thursday.

In response to a question at a hearing of the standing Senate committee on banking, trade and commerce, Mr. Poloz said the uncertainty surrounding the U.S. Trump administration’s trade policies is a major impediment to Canadian businesses investment, which has already been a weak point in Canada’s economic recovery. He said the U.S. trade outcome, while still impossible to predict, “will certainly be negative” for the Canadian economy, “and could even be a major shock.”

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