The Trudeau government will table an economic update today that will show a higher deficit than expected and will attempt to respond to the arrival of Donald Trump at the White House.
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The deficit is expected to be higher than $40 billion, the target set by resigning Finance Minister Chrystia Freeland eight months ago in the last federal budget.
Ms. Freeland, however, abruptly resigned hours before the document was presented, citing differences of view with the Prime Minister’s Office over spending controls.
His departure sowed chaos in Ottawa and delayed the presentation of the Federal Finance Update by several hours.
The Trudeau government announced several Christmas gifts that will widen the deficit, such as the two-month GST holiday in effect since Saturday and $250 checks.
However, the Liberals have not found a dancing partner in the House of Commons to adopt the famous Canadian Workers Rebate. Its future is therefore uncertain.
Reply to Trump
The fall economic update is also expected to provide funds to meet Washington’s demands.
Prime Minister Justin Trudeau presented the provinces last week with a plan to increase border security, in partnership with the Americans.
Everything suggests that part of the plan will be detailed and costed today.
President-elect Donald Trump threatens Canada and Mexico with significant tariffs of 25% upon arrival at the White House if these two countries do not stop the supposed flow of migrants and fentanyl.
Ottawa also announced last week additional investments in research and development and artificial intelligence to better compete with American business incentives.
VAT NEWS
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