Additional Coverage:
Former US President Donald Trump is expressing delight over the potential departure of Canadian Prime Minister Justin Trudeau. Trudeau faces calls to resign from within his own party following the resignation of Finance Minister Chrystia Freeland.
The crisis has weakened the Canadian dollar, known as the Loonie, which fell to its lowest level since the pandemic in March 2020.
Freeland’s resignation was sparked by disagreements over Trudeau’s proposed “financial gimmicks” amidst concerns about Trump’s tariff threats against Canada.
Trump has proposed 25% tariffs on Canada and Mexico over immigration and drug issues. These tariffs would significantly impact Canada, which exports 75% of its goods to the US.
Trudeau has met with Trump and announced tax breaks in response to the tariff threat. However, Freeland has opposed these measures.
Canada’s economy is facing challenges, including inflation and interest rate cuts, which have favored investment in the US and weakened the Loonie.
Despite Trump’s desire for a weaker US dollar, he appears focused on his protectionist agenda, which could impact the Canadian economy.