this post was submitted on 05 Mar 2025
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Trump's tariffs roil U.S. markets. And that's the reaction that matters (www.cbc.ca)
submitted 1 day ago by Aconite to c/canada
18 comments fedilink hide all child comments
 

What is Alexander Panetta's problem with Canada? Is he an American or a fifth columnist of snark. CBC might want to consider someone capable of writing analysis without trashing Canada.

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[–] Rentlar 4 points 17 hours ago

Canada's retaliation, at least the 30 to 150 billion announced, is small potatoes on the scale of the massive US economy, that's not snark but a fact.

But I think the writer is giving sufficient credence to the notion that despite that difference in size, we have an outsized ability to turn the screws (like Doug Ford is) when already the US administration is screwing itself 6 ways to Sunday.

Had we as Canadians acted with indifference to these threats, the sense of urgency of the true effects of MAGA and Trumpism might not be conveyed clearly enough, since American media is distracted by 1000 scandals going at once, and the White House and Republicans' Congress are now like a Ministry of Alternative Facts.

[–] danielquinn 5 points 23 hours ago (1 children)

Those factors will likely pack more punch in Washington than the $155 billion in counter-tariffs threatened by Canada. To put this number in perspective, it's a fraction of what American stock markets have lost this week.

That's a pretty dumb take when you consider that a major cause of those losses is the market factoring in the cost of Canadian retaliatory tariffs.

[–] MyBrainHurts 1 points 23 hours ago (1 children)

I think you're maybe misunderstanding the direction of the tarrifs costs?

The tarrifs cost American importers regardless of our counter tarrifs. For an example, the article pointed to, Target which

said it expected to raise prices within days, specifically mentioning Mexican strawberries, bananas and avocados

Doesn't matter what counter tarrifs Mexico puts in place, produce from Mexico will be more expensive in America. Counter tarrifs just make things more expensive in our own country and hopefully dissuade people from buying them.

The markets aren't roiling because of reduced access to Canadian markets, it's that the stuff in their own products (like say, car parts made in Canada) overnight became 25% more expensive. (I would also be surprised if we tarrifed much in our shared industries like auto production as it'll be hard enough to keep those factories here without making them even more expensive.)

That's not to say what we do is irrelevant, we should absolutely boycott and do whatever we can to make the markets worse but it's good to do so with clear eyes.

[–] danielquinn 2 points 22 hours ago (1 children)

No I'm well aware of how tariffs work. The thing is, given how tightly coupled our economies are, nearly all major US manufacturing is heavily dependent on Canadian exports. Our auto industry alone has a single vehicle traversing the border multiple times. When we impose a counter-tariff, that hurts US industry considerably. Couple this, with the lost good will between the US and it's biggest trading partner by far, and you've got a a massive devaluation of US stock prices due to diversification and boycotts alone.

In other words, the dude's not wrong that the market hit is massive, he's just got blinders on around the cause.

[–] MyBrainHurts 2 points 12 hours ago* (last edited 11 hours ago)

Automobiles are a great example! Yes, those parts cross the border multiple times and that's exactly why they are excluded from counter tarrifs!

You can check for yourself:

https://www.canada.ca/en/department-finance/news/2025/03/list-of-products-from-the-united-states-subject-to-25-per-cent-tariffs-effective-march-4-2025.html

It is also why trump just exempted automobile parts, his tarrifs hit them, ours basically didn't. (I think we have tires because we finish those as a whole part and the production chain is a bit different for those.) The overwhelming majority of the effect on American auto stocks is because of self imposed costs to American businesses.

We're not aiming our tarrifs at things that will target our own factories. Look through the list and let me know what you think looks like a production input that would get refined here and then sent back.

Edit: For more evidence, you might look at today's stock rally after trump announced delaying auto tarrifs. You'll note Canada made no mention of lifting any of our counter-tarrifs and it'd be weird to assume there'd be a massive change in boycotts or diversification off a one month tarrifs reprieve in one sector.

[–] cyborganism 4 points 1 day ago (1 children)

I'm not sure I understand your comment.

[–] Aconite 1 points 1 day ago (2 children)

Panetta slags Canada in his lede.

[–] cyborganism 6 points 1 day ago (2 children)

LoL that's not any better. I'm pretty fluent in English but this phrase makes no sense to me. Lede?

[–] Sturgist 4 points 22 hours ago* (last edited 22 hours ago) (1 children)

Bury the Lede:

fail to emphasize the most important part of a story or account.

Edit: the person's comment still doesn't make sense.

[–] cyborganism 4 points 19 hours ago (1 children)

Ah OK! Thanks!

[–] Sturgist 3 points 18 hours ago (1 children)

No worries bud. I'm as confused as you.

[–] ahal 2 points 13 hours ago (2 children)
[–] cyborganism 1 points 3 hours ago* (last edited 3 hours ago)

the introductory section of a news story that is intended to entice the reader to read the full story

Oh that makes SO much more sense now.

Though I don't know what OP means that he buries Canada in his lede...

[–] Sturgist 1 points 12 hours ago

Legend πŸ‘

How'd you know I was too lazy to look it up again?

[–] MyBrainHurts 0 points 23 hours ago (1 children)

Do you want him to lie about the sizes of our relative economies?

[–] Aconite 1 points 18 hours ago (1 children)

I want him to not be a snarky little prick.

[–] MyBrainHurts 0 points 12 hours ago

All of our proposed tarrifs are for some 150 billion, which is less than what, one sixth of Tesla's worth?

There are realities to contend with here.

Are we not adult enough to admit that there is a serious inequality and that by ourselves we don't really have the power to seriously affect the states?