The dust has settled, and a Liberal minority is left to govern after one of the nastier elections in recent memory.
It will soon be time to get on with the business of governing, but what does the business community think of the government Canadians elected?
We deserved better
The Business Council of Canada congratulated Prime Minister Justin Trudeau and says it is ready to work with the government and all parties for a better economic future for all Canadians.
“The people have spoken and the people are never wrong. Canadians, however, did deserve better than the campaign that just ended,” said Goldy Hyder, CEO of the Business Council of Canada, in a release.
“While acknowledging the anxiety many Canadians feel about their economic future, the parties offered little in the way of a coherent plan for economic growth and a better quality of life for all citizens.”
Too many cooks in the kitchen
Armine Yalnizyan, economist and Atkinson Fellow On The Future Of Workers, called the election night speeches “tone-deaf,” but thinks the Liberals will work with other parties on some issues and butt heads on others.
“The composition of the minority government is likely to be sufficiently stable to achieve advances in social protections and to tackle inequality in the next two years, because of shared interests of the majority of elected representatives; but that same majority will struggle to find shared economic goals, whether related to oil exports, climate change, or business investment,” she told Yahoo Finance Canada.
“Responses to developments in trade will be a key area to watch.”
NAFTA 2.0
Trade is still something of a question mark. The USMCA deal is in place, but it still needs to be ratified.
“The result means that the USMCA ratification remains on track and the projected upcoming gains of the Canadian automotive sector will stand,” Flavio Volpe, president of the Automotive Parts Manufacturers’ Association, told Yahoo Finance Canada.
Don’t forget about steelworkers
The removal of steel and aluminum tariffs has opened the door to ratification. The Canadian Steel Producers Association (CSPA) is calling on the incoming government to focus on “improving domestic and U.S. markets and trading regimes.”
The CSPA also wants help with being more competitive and with its transformation in the face of climate change.
“The CSPA will continue to engage with parliamentarians of all stripes to ensure they appreciate that the steel industry is a $15 billion cornerstone of the Canadian economy that supports good jobs, communities, and families throughout the country,” Catherine Cobden, CSPA president, told Yahoo Finance Canada.