Bloomberg Talks
Royal Bank of Canada President & CEO Dave McKay Talks US Trade
Oct 22, 2024
Dave McKay, President & CEO of the Royal Bank of Canada, shares insights on the intricate balance of US-Canada trade relations. He notes that while disagreements may arise, common ground on free trade is likely. The conversation highlights the necessity of aligning Canada’s economy with US interests for mutual growth. Additionally, McKay discusses the impact of immigration on Canada’s housing market and how high demand continues despite interest rate challenges, painting a complex picture of economic resilience.
09:51
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Quick takeaways
- The trade relationship between Canada and the US, with $400 billion in goods exchanged annually, is crucial for both economies.
- While large corporations are optimistic about future investments, small businesses struggle with inflation and supply chain issues in the current climate.
Deep dives
The Importance of US-Canada Trade Relations
The trade relationship between the United States and Canada is highlighted as a vital component of both economies, with over $400 billion in goods crossing the border annually. Canada's role as the number one trading partner for many U.S. states emphasizes the significance of this bilateral relationship. The discussion underscores that while Canada faces economic challenges, it holds opportunities to align more closely with U.S. needs, particularly in energy production and security offerings. This alignment not only benefits Canada but also helps mitigate inflationary pressures in the U.S. economy.
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