Border tax might damage American economy more than Canada’s: Morneau
OTTAWA — Canada’s finance minister warned business leaders in New York on Monday that a proposed U.S. border tax threatens to make both countries poorer — and might even hurt Americans more.
In an appearance at a World Economic Forum event, Bill Morneau cautioned that a tariff-like tax would sting families on both sides of the frontier by disrupting a mutually beneficial trading relationship and imposing extra costs on U.S. firms.
“Our sense is that there would be an initial negative for both economies — and that the negative may be worse for the United States economy,” Morneau said in a question-and-answer session shortly after he raised his concerns about a border tax in a speech.
“We don’t think it’s a good idea.”