UPDATED – May 17, 2025 – 9:54 AM
Update 2 – May 18, 2025 – 1:08 PM
One of the key factors distinguishing the Dalinda Team is our belief that, “Information is the key in turning uncertainty into opportunity”. We pride ourselves in providing our clients with market news at the speed of need, enabling them to make timely, informed decisions. In that regard, here is our latest perspective on the Canada-US “trade war”.
“With many counter-tariffs gone, it’s time for Ottawa to stop playing politics and start telling Canadians the truth — the tariff narrative no longer matches economic reality.”
- Dr. Sylvain Charlebois, Dalhousie University https://x.com/foodprofessor/status/1923391088590475766?s=46&t=j-eN3GsLw6wYrkA55zhdGg
In a National Post article published on May 15, 2025, wherein an Oxford Economics study had found that, in April 2025, during Canada’s election campaign, Prime Minister Mark Carney had quietly moved to eliminate most retaliatory tariffs on U.S. goods, a decision made on April 16 and effective from May 7, following his first official meeting with President Trump on May 6. This had reversed the previous “dollar-for-dollar” tariff policy set by Justin Trudeau, though some tariffs, including those on orange juice, coffee, alcohol, and certain machinery, have remained.
Carney’s almost secretive actions, which had not been made in a public announcement during the campaign nor have they been announced at any time since, had been intended to ease economic pressures. Why the lack of transparency?
https://gazette.gc.ca/rp-pr/p2/2025/2025-05-07/html/sor-dors122-eng.html
American Actions
There were two key points from the April 2, 2025 White House Reciprocal Tariff Announcement.
- Canada was not on the list for reciprocal tariffs. As per the Whitehouse fact sheet, Canada was exempt. https://www.whitehouse.gov/fact-sheets/2025/04/fact-sheet-president-donald-j-trump-declares-national-emergency-to-increase-our-competitive-edge-protect-our-sovereignty-and-strengthen-our-national-and-economic-security/
- USMCA compliant goods will also remain at 0%. What is USMCA compliant you may ask? USMCA-compliant goods are products meeting the United States-Mexico-Canada Agreement’s rules of origin, qualifying for tariff benefits when traded between the U.S., Mexico, and Canada. Example: A car built in Ontario, Canada, with 75% of its parts sourced from Canada or the U.S. Non-compliant goods would be those made in China and shipped through Canada.
Canada is not for sale: Doug Ford’s misrepresentation
Doug Ford has falsely claimed that Donald Trump has offered to buy Canada. No such offer has ever been made. While Trump has expressed openness to Canada becoming the 51st state, he has never proposed purchasing it. Ford’s baseless assertion, tied to his “Canada is not for sale” merchandise sales, has shifted focus from critical tariff negotiations.
Again, some Canadian retaliatory tariffs remain in place, including on specific food items such as orange juice, alcohol, and coffee. Some American tariffs remain in place too, but nothing to substantiate our economic death spiral, as evidenced across numerous sectors.
Are we really in a trade war, or are we just in need of mediation over some trade issues?
Why is a false narrative being pushed upon us that, as Mark Carney had said on X on May 11, 2025, “We are in the biggest crisis of our lifetime”?
(Source: https://x.com/markjcarney/status/1921642068255904001?s=46&t=j-eN3GsLw6wYrkA55zhdGg)
Our Federal Government has just announced that there will be no Federal Budget for 2025, denying Canadians the the ability to scrutinize the use of public funds, undermining transparency and accountability.
“I still don’t like this one bit. Canadians have a right to know the state of the government’s finances—like how bad are they now” – Derek Holt, Vice President and Head of Capital Markets Economics at Scotiabank
In these challenging times, Sellers and Buyers are looking for confidence and hope, which we submit can only come from truth.
Luke Dalinda
UPDATE:
I question whether The Bank of Canada’s Financial Stability Report 2025, released on May 8, 2025, would have been so dark had the BoC known about Carney’s tariff reversal actions of April 16 and effective May 7, 2025? April 16 was also the same day that the BoC had decided not to decrease rates further.
Update 2 – May 18, 2025 – 1:08 PM
After immense pressure, Prime Minister Carney has agreed to deliver a Federal Budget this fall.
In response, Pierre Poilievre has said, “A so-called budget to be tabled in the fall when half the budget year is over. In what world does this make sense?”
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Luke Dalinda, Realtor. Royal LePage Real Estate Services Ltd., Brokerage.
View all current and past Palace Place listings for sale here.
