U.S. election outcome looms large for Canada [Investment Executive - News]
Bank Nova Scotia Halifax Pfd 3 Ordinary Shares (BNS)
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Source: Investment Executive - News
The outcome of the upcoming U.S. presidential election could have serious economic consequences for Canada, suggests a report from Bank of Nova Scotia. In the report, Scotiabank economists projected how some of the candidates’ major election promises could impact the U.S. and Canadian economies. The report focused on the possible effects of tax proposals from President Biden, along with the tax, trade and immigration proposals of former President Trump. Both candidates’ tax proposals would have small economic consequences, the report suggested. The potentially much bigger issue is Trump’s proposed trade policies — namely, his call for a 10% increase in tariffs across the board, with a 60% hike for China. These policies, if enacted, would effectively launch a trade war “with damaging impacts on the United States and the rest of the world,” the economists said. Trump has also pledged to deport the estimated 10 million illegal immigrants in the U.S., which the report said would reduc
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