{"id":57916,"date":"2025-03-26T17:16:59","date_gmt":"2025-03-26T17:16:59","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2025\/03\/26\/former-bank-of-canada-governor-warns-canada-outgunned-in-trade-war\/"},"modified":"2025-03-26T17:16:59","modified_gmt":"2025-03-26T17:16:59","slug":"former-bank-of-canada-governor-warns-canada-outgunned-in-trade-war","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2025\/03\/26\/former-bank-of-canada-governor-warns-canada-outgunned-in-trade-war\/","title":{"rendered":"Former Bank of Canada governor warns Canada &#8216;outgunned&#8217; in trade war"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">News<\/li>\n<li class=\"breadcrumbs__item\">Economy<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">&#8216;When the dust settles, we will need our U.S. partnership, just as much as we need it today&#8217; \u2014 Stephen Poloz<\/p>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Mar 26, 2025<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">2 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"6aeca981-d37b-4924-8e97-637313879cde\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Former Bank of Canada governor Stephen Poloz said he is optimistic that Canada can find a practical solution. <\/span> <span class=\"credit\">Photo by Chris Young\/The Canadian Press<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Former Bank of Canada governor Stephen Poloz says we are \u201cseriously outgunned\u201d by the Americans in a trade war, arguing Canada will still need the United States down the road.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>\u201cWhen the dust settles, we will need our U.S. partnership, just as much as we need it today,\u201d said Poloz, now special adviser to Osler, Hoskin &amp; Harcourt LLP, during a webinar recorded on Monday. \u201cWe need to keep our eye on that long-term. This is not the Hatfields and the McCoys. We have to think long-term and make the best of a bad hand at this stage, knowing that there will be another hand in due course sometime in the future.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment6303610049530058376141324951748608\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<div class=\"article-block 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id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p data-async=\"\">U.S. President Donald Trump is set to announce reciprocal tariffs on all countries on April 2, and it isn\u2019t clear if goods covered by the Canada-U.S.-Mexico Agreement (CUSMA) will remain exempted from tariffs beyond that date.<\/p>\n<p data-async=\"\">The Bank of Canada estimates a protracted trade war with the U.S. would cause Canada\u2019s GDP to decline by three per cent over the next two years. Desjardins Group economists predict Canada\u2019s economy will head into a contraction as soon as the second quarter of this year.<\/p>\n<p>Poloz said while the forecasts for the Canadian economy are \u201cgrim\u201d he does not believe them to be \u201cexistential.\u201d He said he is optimistic that Canada can find a practical solution.<\/p>\n<p>\u201cPeople forget that trade doesn\u2019t happen between countries, it happens between people,\u201d he said. \u201cAnd those people still like each other, still respect each other, still want to do business together.\u201d<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot14 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-headlinenews background--primary-light-gradient\" aria-labelledby=\"FinancialPostTopStories2767730497362913253223636748206080\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/dcs-static.gprod.postmedia.digital\/18.3.1\/websites\/images\/newsletters\/icon-fp-topStories.svg 75w, https:\/\/dcs-static.gprod.postmedia.digital\/18.3.1\/websites\/images\/newsletters\/icon-fp-topStories.svg 100w, https:\/\/dcs-static.gprod.postmedia.digital\/18.3.1\/websites\/images\/newsletters\/icon-fp-topStories.svg 150w, https:\/\/dcs-static.gprod.postmedia.digital\/18.3.1\/websites\/images\/newsletters\/icon-fp-topStories.svg 240w, https:\/\/dcs-static.gprod.postmedia.digital\/18.3.1\/websites\/images\/newsletters\/icon-fp-topStories.svg 320w, https:\/\/dcs-static.gprod.postmedia.digital\/18.3.1\/websites\/images\/newsletters\/icon-fp-topStories.svg 500w, https:\/\/dcs-static.gprod.postmedia.digital\/18.3.1\/websites\/images\/newsletters\/icon-fp-topStories.svg 640w, https:\/\/dcs-static.gprod.postmedia.digital\/18.3.1\/websites\/images\/newsletters\/icon-fp-topStories.svg 800w, https:\/\/dcs-static.gprod.postmedia.digital\/18.3.1\/websites\/images\/newsletters\/icon-fp-topStories.svg 1024w, https:\/\/dcs-static.gprod.postmedia.digital\/18.3.1\/websites\/images\/newsletters\/icon-fp-topStories.svg 1280w, https:\/\/dcs-static.gprod.postmedia.digital\/18.3.1\/websites\/images\/newsletters\/icon-fp-topStories.svg 1600w\" alt=\"Top Stories\" loading=\"lazy\" fifu-data-src=\"https:\/\/dcs-static.gprod.postmedia.digital\/18.3.1\/websites\/images\/newsletters\/icon-fp-topStories.svg\"\/><\/div>\n<div>\n<p>Top Stories<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Get the latest headlines, breaking news and columns.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. 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Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment7259832830972974402425143181705216\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>The trade war with the U.S. is set to dominate the federal election, which kicked off on Sunday, with Conservative Party leader Pierre Poilievre and Liberal Party leader Mark Carney both promising income tax cuts to Canada\u2019s lowest earners.<\/p>\n<p>Poloz said the trade war will require a fiscal response, though he does not think it will require one at the same scale seen during the pandemic.<\/p>\n<p>\u201cMy hope is it will lean on promoting investment, more than we have in other slowdowns, as opposed to just household spending,\u201d he said.<\/p>\n<p data-async=\"\">Last week, the federal and provincial governments announced their plans to remove internal trade barriers, and have free trade within the country by July 1.<\/p>\n<p>Poloz said the gains will be significant for the Canadian economy.<\/p>\n<section aria-labelledby=\"moreTopicLabel2587179275920241656247605740437504\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" says=\"\" auto=\"\" tariff=\"\" coming=\"\" teases=\"\" reciprocal=\"\" duty=\"\" breaks=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" 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fifu-data-src=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0324trump.jpg?h=96&strip=all&quality=5&sig=AkEsUhEWTP3xJBuwGO-yxw&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0324trump.jpg?h=96&strip=all&quality=80&sig=PBxFXBlGjYAaiKaNHhcE7A, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0324trump.jpg?h=192&strip=all&quality=80&sig=5SgXXoGIoXs47a-EzzxGqQ 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/no0324trump.jpg?h=288&strip=all&quality=80&sig=4BxKSvRcEovPm1ROS4ETTg 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Trump says auto tariff coming, teases reciprocal duty breaks<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" this=\"\" is=\"\" shaping=\"\" up=\"\" to=\"\" be=\"\" the=\"\" trade=\"\" war=\"\" election=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0325-bc-trade-war.jpg?h=96&strip=all&quality=5&sig=EnVudu5nu4ua9s6fMxdzZA&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0325-bc-trade-war.jpg?h=96&strip=all&quality=5&sig=EnVudu5nu4ua9s6fMxdzZA&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0325-bc-trade-war.jpg?h=96&strip=all&quality=5&sig=EnVudu5nu4ua9s6fMxdzZA&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0325-bc-trade-war.jpg?h=96&strip=all&quality=5&sig=EnVudu5nu4ua9s6fMxdzZA&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0325-bc-trade-war.jpg?h=96&strip=all&quality=5&sig=EnVudu5nu4ua9s6fMxdzZA&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0325-bc-trade-war.jpg?h=96&strip=all&quality=5&sig=EnVudu5nu4ua9s6fMxdzZA&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0325-bc-trade-war.jpg?h=96&strip=all&quality=5&sig=EnVudu5nu4ua9s6fMxdzZA&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0325-bc-trade-war.jpg?h=96&strip=all&quality=5&sig=EnVudu5nu4ua9s6fMxdzZA&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0325-bc-trade-war.jpg?h=96&strip=all&quality=5&sig=EnVudu5nu4ua9s6fMxdzZA&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0325-bc-trade-war.jpg?h=96&strip=all&quality=5&sig=EnVudu5nu4ua9s6fMxdzZA&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0325-bc-trade-war.jpg?h=96&strip=all&quality=5&sig=EnVudu5nu4ua9s6fMxdzZA&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"More than half of Canadians see the trade war as the most pressing issue of this election.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0325-bc-trade-war.jpg?h=96&strip=all&quality=80&sig=GUzWY8qJhGgwiSA1C90lHQ\" fifu-data-src=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0325-bc-trade-war.jpg?h=96&strip=all&quality=5&sig=EnVudu5nu4ua9s6fMxdzZA&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0325-bc-trade-war.jpg?h=96&strip=all&quality=80&sig=GUzWY8qJhGgwiSA1C90lHQ, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0325-bc-trade-war.jpg?h=192&strip=all&quality=80&sig=FxqMDJTDc5o9vO3NVWi3mw 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/0325-bc-trade-war.jpg?h=288&strip=all&quality=80&sig=HS9ZYE5iffZbboP3cSZvdA 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">Why this is shaping up to be the trade war election<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" trump=\"\" day=\"\" could=\"\" work=\"\" in=\"\" canada=\"\" favour=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/donald-trump-0324-ph.jpg?h=96&strip=all&quality=5&sig=DTJcN9_mIUX1K1yYUNvnfQ&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/donald-trump-0324-ph.jpg?h=96&strip=all&quality=5&sig=DTJcN9_mIUX1K1yYUNvnfQ&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/donald-trump-0324-ph.jpg?h=96&strip=all&quality=5&sig=DTJcN9_mIUX1K1yYUNvnfQ&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/donald-trump-0324-ph.jpg?h=96&strip=all&quality=5&sig=DTJcN9_mIUX1K1yYUNvnfQ&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/donald-trump-0324-ph.jpg?h=96&strip=all&quality=5&sig=DTJcN9_mIUX1K1yYUNvnfQ&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/donald-trump-0324-ph.jpg?h=96&strip=all&quality=5&sig=DTJcN9_mIUX1K1yYUNvnfQ&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/donald-trump-0324-ph.jpg?h=96&strip=all&quality=5&sig=DTJcN9_mIUX1K1yYUNvnfQ&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/donald-trump-0324-ph.jpg?h=96&strip=all&quality=5&sig=DTJcN9_mIUX1K1yYUNvnfQ&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/donald-trump-0324-ph.jpg?h=96&strip=all&quality=5&sig=DTJcN9_mIUX1K1yYUNvnfQ&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/donald-trump-0324-ph.jpg?h=96&strip=all&quality=5&sig=DTJcN9_mIUX1K1yYUNvnfQ&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/donald-trump-0324-ph.jpg?h=96&strip=all&quality=5&sig=DTJcN9_mIUX1K1yYUNvnfQ&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"U.S. President Donald Trump has promised new tariffs on April 2. \" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/donald-trump-0324-ph.jpg?h=96&strip=all&quality=80&sig=OdB2B5yd0fFVpXPVggjSUA\" fifu-data-src=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/donald-trump-0324-ph.jpg?h=96&strip=all&quality=5&sig=DTJcN9_mIUX1K1yYUNvnfQ&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/donald-trump-0324-ph.jpg?h=96&strip=all&quality=80&sig=OdB2B5yd0fFVpXPVggjSUA, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/donald-trump-0324-ph.jpg?h=192&strip=all&quality=80&sig=S0NAdO3yEc1DslyrUnOkfA 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/donald-trump-0324-ph.jpg?h=288&strip=all&quality=80&sig=IIYIEphoMtO3-EpeGJKvdA 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">How Trump&#8217;s &#8216;liberation day&#8217; could work in Canada&#8217;s favour<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment3463794833354087534436782549499904\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Moving forward, Poloz also had a number of suggestions to make Canada\u2019s economy more competitive. These include declaring energy and resource projects within the national interest, leaning into technological innovation, creating a better tax system for the manufacturing sector and using revenue from retaliatory tariffs to fund tax cuts.<\/p>\n<p>\u201cWe\u2019re on the cusp of a major technological revolution. The world is going to change in so many different ways, more of the trade will be in services, not in goods,\u201d said Poloz. \u201cThere are just so many other things changing in a positive way. What we need to do is get ourselves in a position to take advantage of it all, and we can.\u201d<\/p>\n<p data-async=\"\"><em>\u2022 Email: jgowling@postmedia.com<\/em><\/p>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Former Bank of Canada governor warns Canada &#8216;outgunned&#8217; in trade war<\/a><br \/>\n<br \/>2025-03-26 17:16:59<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Economy &#8216;When the dust settles, we will need our U.S. partnership, just as much as we need it today&#8217; \u2014 Stephen Poloz Published Mar 26, 2025&#8230;<\/p>\n","protected":false},"author":2,"featured_media":57917,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/03\/stephen-poloz-0326-ph.jpg?quality=90&strip=all&w=288&h=216&sig=0_9_ANdVhEWBO4feG4Quow","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-57916","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/57916","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=57916"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/57916\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/57917"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=57916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=57916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=57916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}