11:35:28 EDT Fri 29 Mar 2024
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West Fraser Timber Co Ltd
Symbol WFT
Shares Issued 76,272,082
Close 2017-01-13 C$ 46.99
Market Cap C$ 3,584,025,133
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Globe says U.S. border tax could clobber GM, others

2017-01-16 08:18 ET - In the News

See In the News (C-GMM) General Motors Company

The Globe and Mail reports in its Saturday edition that just because Canada is not the main target of U.S. president-elect Donald Trump's wrath does not mean there will not be heavy collateral damage here. The Globe's Barrie McKenna writes that Mr. Trump's vow to repatriate U.S. jobs and slap a "big border tax" on companies that shift work offshore is sending shudders through Canada's business community -- particularly the auto sector. Mr. McKenna says no other country is more exposed to U.S. trade than Canada. No country -- with the possible exception of Mexico -- would suffer more if Mr. Trump and the U.S. Congress go ahead with this misguided and likely illegal border-tax scheme. Just exactly what the U.S. will do is unclear at this point. Mr. Trump appears to be talking about selectively punishing U.S. companies that move production out of the country, such as General Motors and Apple. The notion that taxing imports will supercharge the U.S. economy is pure fantasy, says Mr. McKenna. It will not significantly reduce the trade deficit or spur GDP growth, largely because a tax would push up the value of the U.S. dollar and conversely depress other currencies, including the Canadian dollar.

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