At the beginning of September, the Prime Minister, speaking in Mississauga, stated that the changes initiated by the Trump administration were not a “transition” but a “rupture.” He expanded on this, emphasizing the rupture’s adversity and calling it “a new age of economic nationalism and mercantilism.” He continued to use this message to rally Canadians under the flag of patriotism. This is “elbows up” without the elbows. A pre-twentieth-century business idea, mercantilism, was based on precious metals, relied on government regulation of the economy for national interest, and used tariffs on imports with subsidies on domestic production. China and Russia are often listed as countries that still practice mercantilism. The USA does not. The US dollar is not based on a precious metal, and the government is not directly regulating the economy. There is no general program to subsidize industrial production, although some sectors are being helped in the short term for stated reasons like national security. .FLETCHER: Heritage law the BC government’s next act of surrender.In Canada, similar support exists for environmental projects. Comparable programs exist in many other nations. However, Trump’s administration has instituted a tariff regime under the concept of “fair trade.” The stated goal is to charge a tariff rate reciprocal to that charged on US goods by the foreign nation. In addition, the US is looking at the total charges and not just what is labelled a tariff. For example, the EU has a Value Added Tax (VAT). America does not have a VAT. The tax is calculated into the tariff rate for EU goods entering the US market.Brazil, Canada, China, the EU, India, Japan, Mexico, and many other countries use tariffs. The US generally had one of the lowest tariff rates compared to other countries before recent policy changes. One cannot fault the US for enacting the same policies that Canada and many other countries also follow. Furthermore, there is a national agricultural program called supply management in Canada. Is this not “economic nationalism?” .What the Prime Minister’s statement that the US policy changes are not a “transition” likely refers to is the shift from a multilateral trading system to a bilateral trading system by the US. The UK, the EU, South Korea, and many other countries regularly negotiate bilateral trade agreements. Globalists, such as Prime Minister Carney, who is closely associated with the World Economic Forum (WEF) and the UN, strongly favour multilateral agreements. These agreements often negatively impact the middle class in adopting nations, reduce national sovereignty, and favour multinational corporations while disadvantaging smaller companies. .EDITORIAL: LGB breaking free from the rainbow alphabet soup.If the US, under President Trump, is not practicing mercantilism, what is being ruptured? It is Mark Carney’s globalist dream of weakening nations and increasing the political power and wealth of an elite cadre. Canada’s economy needs to modernize for the twenty-first century, not the globalist’s outdated goals. The Prime Minister must forsake those dead-end approaches and promote practical solutions. His claim that the US is the problem and his call to patriotism are nothing more than a cover-up for his inability to face current economic realities. This is not about what the US does but what Canada does. Canada could be a powerhouse in the world economy, but not if Mr. Carney has to approve every project. That type of economic control is too close to fascism. If he cannot let the free market work for Canada, it’s time for a vote of no confidence.Dr. A.W. Barber is the former Director of Asian Studies at the University of Calgary. He is internationally active and has wide-ranging interests. .Due to a high level of spam content being posted in our comment section below, all comments undergo manual approval by a staff member during regular business hours (Monday - Friday). Your patience is appreciated.
