The Canadian team “will roar”
Not long ago, Chrystia Freeland had few friends in the White House.
This was announced by Donald Trump during difficult negotiations to overhaul the Nafta trade agreement that included the United States and Canada. He is not a fan Justin Trudeau, then Minister of Foreign Affairs and negotiator. When Freeland touted the benefits of multilateralism and multiculturalism, the Trump administration sang “America first” and used trade tariffs as a foreign policy tool.
With Trump now leaving the White House, and Freeland, 52, who became Canada’s chancellor last summer, he is eager to emphasize how happy the relationship between the United States and Canada has become.
She said that she paid “the greatest respect” to U.S. Treasury Secretary Janet Yellen, who she had “some very good conversations” with and “has a philosophical unity in economic thinking.”
Even on the issue of vaccine exports-Biden kept a homemade jab for Americans, while Canadian vaccine imports were plagued by delays-Freeland thought the water glass was half full. She said that the new US government “extremely supported” and agreed to advance 1.5 million doses of AstraZeneca to Ottawa.
She told the Financial Times: “We have a very cooperative relationship with this government.” “In all aspects, including vaccines.”
Foreign policy is one of the unified areas that caused Ottawa to breathe a sigh of relief. Both countries are wary of Vladimir Putin’s Russia, and they are also wary of staunch supporters of Ukrainian sovereignty – Freeland is of Ukrainian descent and has been included in the Kremlin’s system. Layoff list.
She said that the Biden administration also vowed to help Ottawa ensure its release. Michael Spavor Michael Kovrig was retaliated against for being detained in Vancouver by Meng Wanzhou, an executive of the Chinese technology group Huawei, and has been detained in China for more than two years.
The economic response of these countries is the most obvious sign of re-establishing mutual understanding.Biden’s $1.9tn stimulus plan Will definitely promote the development of Canada Three quarters The value of exports to the United States. Politically, this gave Friedland an opportunity to persuade financially conservative Canadians to accept Keynesianism.
Freeland’s first budget, April overview, Its new expenditures over three years are 101 billion Canadian dollars (82 billion US dollars). These measures provide a lifeline for businesses and workers, and also provide funding for long-term projects such as the National Child Care and Early Learning System.
The first woman to grasp the economic conditions of the seven major industrial countries is relaxing them and is counting on a rebound to improve public finances.
“At the beginning of the pandemic, we took action… This is a special kind of recession, more of natural disasters, wildfires or floods than endogenous economic shocks. We want to prevent difficulties and pain, but we still have One economic goal is to prevent economic scars. We observed during the 2009 recession that scars slowed the recovery.”
In this case, Freeland aligns with the anti-austerity stance, which drove the Western government’s response to the Covid-19 blockade.She said she was affected by the paper Developed in 2019 Olivier Blanchard, the former chief economist of the International Monetary Fund, believes that, given that interest rates are generally lower than growth rates, the cost of public debt is smaller than expected.
She also believes that in a “high-pressure economy”, strong consumer demand can drive the company’s innovation and productivity.
She said this approach is bearing fruit, as shown by the economic resilience brought by Canada through the Covid crisis.Its central bank modify The company’s forecast for this year’s production growth is 6.5%, which is 2.5 percentage points higher than the January estimate. She promised that Covid “has not been conquered yet” but “Canada will make a comeback.”
Freeland’s signature budget reform is to provide 30 billion Canadian dollars in five years to establish a national childcare and early learning program, which is modeled on a plan in Quebec.
Grace Skogstad, a professor of political science at the University of Toronto, said that due to the long-term ambitions of the Freeland Liberal Party, the plan is more likely to be realized because the federal government is ready to donate.
Skogstad said this is a “patchwork” of the provincial system: “This is a provincial capacity. There is a good person in Quebec, and the others don’t. People have to use private care. So she said [that] We, the federal government, need to fund it and set some conditions for it. “
Friedlander said that she promoted this idea not only for “social and feminist reasons” (she said, “I am a working mother and feminist”), but also because more women Joining the workforce can bring long-term economic benefits. “We think this may be the most important policy in promoting growth since Nafta. This may increase our GDP by 1.2%.” She said.
Out of all this willingness to spend money, Canada’s public debt is expected to reach 51.2% of GDP, compared with 90.7% of the EU’s public debt at the end of last year and 108% of the United States. Friedlander said that prudence is part of Canada’s “broader political culture.”
The central bank recently became the first country in the Group of Seven (G7) countries to reduce the scale of monthly bond purchases. This was a support measure introduced a year ago to absorb the impact of lock-in. Friedlander said: “On the one hand, we find a balance between ambition and boldness, and on the other, we remain cautious and prudent.”
The clouds that have been hanging over Canada’s recovery Third wave The Covid-19 variant has fueled many infections, which overwhelmed hospitals and forced restrictions on population movement and business activities in the most densely populated province of Ontario, which has a population of 15 million.
The slow promotion of vaccines in Canada will not help. Although it boasted in November that it had the largest number of vaccine orders per person in any country.
Reliance on imports puts Canada in a situation where vaccine production is interrupted and countries tend to maintain locally produced doses. Freeland said: “We have eroded our domestic biological manufacturing capacity.” She said, but Canada is now “quickly and angrily vaccinated.”
Health authorities allow the use of AstraZeneca vaccine-the vaccine has been investigated for rare cases Blood clot -Applicable to everyone over 30 years old. Nearly four in ten Canadians have received at least one jab, including Trudeau. Although this is a bit faster than Germany or France, it lags behind the United States and the United Kingdom.
Nonetheless, this pandemic cemented Friedland’s reputation as an ally of Trudeau capable of dealing with the most difficult challenges. She has been a journalist for twenty years, mainly working in the Financial Times in Moscow, London and New York. She entered Canadian politics in 2013 and has since won the nickname “Minister of Everything” due to her influence.
After Freeland successfully completed the Nafta dialogue, Trudeau asked her to deal with the fragile relationship with the western provinces that depend on fossil fuels in the economy-Al Alberta and Saskatchewan. Then, when the coronavirus hit, he put her in charge of the Covid-19 task force.
“The Prime Minister is full of confidence in her abilities… Skogstad said that she is not a minister of everything, but a minister of hard assets. “In her short political career, she did not stumble upon any one. . ”
Skogstad said Friedland did “her homework.” She participated “cross-party” in the Nafta talks and was an “incredible female role model and Canadian political wind.”
Freeland may be more outstanding, but can she be Trudeau’s heir? This is not yet certain. Trudeau is in third grade. Skogstad said that in the leadership competition, Friedland may face former Bank of England governor Mark Carney and others, and he will need to retreat from the leadership of the Liberal Party first.
For now, the question that plagues Ottawa’s political circles is whether Trudeau, who has been the leader of the minority government since 2019, will hold a general election this year. Opinion polls show that he can restore the majority of seats in parliament. Analysts see Friedland’s generous budget as a stepping stone.
However, Freeland denied the idea of ??election manipulation, and the country is struggling to deal with a third wave of powerful infections. She said: “This is the biggest crisis since World War II.” “What Canada needs now is the’Canada’ approach.”