The Monitor is a concise and insightful look at the U.S.-Canada business and economic relationship. This collection of news articles, scholarship and thoughts from leading economists, journalists, academics and members of the business community is meant to provide you with an overview of the various perspectives on the dynamic and interconnected nature of the U.S.-Canada economic relationship. Each month we focus on a core subject of importance to both economies; this month features a spotlight on the "true" cost of gas.
We welcome your feedback and hope to highlight some of your comments each month. Write to us and tell us what you think at: connect2canada@canadianembassy.org.
Regards,
The Monitor Staff
Voices "At a time when nearly all of us agree that oil from overseas is a detriment to our national security, interpretations of the law that harm our ability to provide our own fuel, or import fuel from our ally and neighbour to the north, are irresponsible and counterproductive."
- Senator Pete Domenici, New Mexico; senior Republican on the Senate Energy and Natural Resource Committee
Read more. |
Perspectives: The "true" cost of gas
Tough times ahead: reports
Leader Post
April 18, 2008
The Canadian auto industry, including the parts sector that accounts for the lion's share of its jobs, faces tough times, separate reports released April 17th suggest. But both express confidence that some firms will survive and even thrive.
We've been here before
Globe and Mail
April 22, 2008
For those of us of a certain age, it may feel like the world has been here before: sharply rising gasoline prices; Americans concerned about energy security; governments making frequent announcements of support for renewable energy and efficiency programs. In 1981, experts were predicting that crude oil prices, then at $35 (U.S.) a barrel, would climb to $80 and the future of what we now call "clean technology" looked bright. Higher energy costs would stimulate investment in alternative sources and in technologies aimed at reducing demand.
Reality check in store
Ottawa Sun
April 21, 2008
Canadian consumers might think their costs of living are skyrocketing, but according to one economist, perception is not always reality. "We do have a tendency to see what's in front of us right now as being more than before. The numbers don't always support our perceptions," says Ottawa University economics professor Tyler Chamberlin.
High gas prices will hurt consumers, some provinces
National Post
April 21, 2008
Record high gasoline prices will hurt consumers across Canada, but will not damage the overall economy, says the head economist of a major bank. Don Drummond, chief economist at TD Bank, said Friday that pain at the pumps for Canadians translates into joy for energy producing provinces, which are benefiting from the record high oil prices.
In The News
U.S. House speaker approves study of tie-ups at Canada-U.S. border
The Canadian Press
April 25, 2008
U.S. House Speaker Nancy Pelosi is spearheading a study this summer on ways to speed up trade and travel at the Canada-U.S. border so Congress can be ready with a plan for the next American administration. Pelosi, a Democrat and the most powerful politician in the House of Representatives, met this week with Canadian politicians worried about tie-ups that are costing businesses money and frustrating travellers.
This comes on the heels of a report from 45 Canadian and U.S. business associations, led by the Canadian and U.S. Chambers of Commerce, which called for specific measures to reduce burdensome border-related costs and requirements to facilitate the largest bilateral trading relationship in the world and the over 10 million jobs which flow from it. That report can be read here: Finding the Balance: Reducing Border Costs While Strengthening Security.
TD boosts profit estimate on Commerce Bancorp buy
Financial Post
April 21, 2008
Toronto-Dominion Bank is forecasting a rosier future for its U.S. operations despite the turmoil in the country's banking sector. The Canadian bank, which recently closed its acquisition of 450-branch Commerce Bancorp, based in New Jersey, said it is targeting net income from the U.S. of a minimum of $750-million up from a previous estimate of $700-million.
Canadian firms to look for business in N.O.
The Times-Picayune
April 13, 2008
A group of Canadian companies descended on New Orleans last month in search of trade opportunities in Louisiana, as part of a trade mission sponsored by the World Trade Center of Montreal. This call could build on well-established ties, as Canada is among Louisiana's top trading partners and last year received about $1.9 billion in exports from the state.
Canadians fueling small town's stale economy
Salt Lake Tribune
April 6, 2008
A string of new, 50s-style cottages with cheerfully shaded shingles line the southeast shore of Osoyoos Lake, a long finger lake straddling the U.S.-Canada border. The vacation village brings to mind nostalgic days of beachside leisure. The cottages have all been sold, and more are being built to meet demand from Canadians, who are snapping up vacation homes in the U.S. as Americans watch their wallets and sell their second homes amid a housing crunch.
Nearly half of Canadians only buy U.S. dollars when they need to
Ipsos News Center
April 24, 2008
When it comes to how they buy their U.S. dollars, nearly half (45%) of all Canadians who use the currency in other countries say that they purchase whenever they need some, regardless of the exchange rate. Meanwhile, only three in ten (32%) purchase their U.S. dollars when they think the exchange rate is favourable and one in five (19%) Canadians who use the U.S. dollar in other countries don’t buy the currency before they go.
Innovation
The Treehouse Group
The Treehouse Group is a collective of Toronto-area thinkers who come together to create innovative solutions to pressing social problems. The group shares the view that multi-disciplinary collaboration is central to addressing the issues the face society – both locally and globally. By designing and implementing a variety of events and forums, the Treehouse Group furthers its mission to encourage diverse thinking.
Read more about the Treehouse Group
Publications
North American Competetiveness Council
Economic Uncertainty Increases Urgency of Joint Action to Strengthen North American Competitiveness
The Canadian Council of Chief Executives advises caution with regards to the rising isolationism emanating from the U.S. and notes that economic challenges and intense global competition have increased the urgency of joint strategies to improve the competitiveness of the U.S., Mexico and Canada. These sentiments were echoed by members of a trilateral advisory group in a report presented at the North American Leaders’ Summit in New Orleans. The North American Competitiveness Council (NACC) is a group of business leaders from the U.S., Canada, and Mexico that was created in 2006 to gather advice from the private sector on ways to enhance North America's competitive position, promote increased employment and foster a higher standard of living.
Blog
Elizabeth Auster
Elizabeth Auster of Cleveland's Plain Dealer Bureau writes that anyone who watched Ohio's presidential primary from afar can be forgiven for thinking that the state's economy is a total disaster and that most Ohioans blame NAFTA. But Auster explains how free trade, and, in particular the NAFTA agreement have actually benefited most Ohioans – Ohio is the only state in the nation that has seen exports increase every year since 1998, and it has more jobs linked to manufacturing exports than any states except California and Texas. Auster also notes that Canada accounted for 46 percent of Ohio's 2007 exports, more than any other country, while Mexico was second with 7 percent.
