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Canada-US trade war: Don’t trust Trudeau to fight Trump!

Donald Trump And Justin Trudeau (Photo Credit: Greg Nash)The trade war between the United States and Canada has begun. On July 1, the tariffs that Donald Trump announced against steel and aluminum came into effect. In response, the Canadian government has put counter tariffs in place. The rise in protectionism threatens to drag the already fragile world economy into a deep slump. In this war in which big capitalist powers fight over who has the largest piece of the pie, the workers will be the first victims.

Trump’s war on globalisation

Donald Trump at the podium in front of a "Buy America" bannerOn Thursday the deadline passed for an agreement between Trump and Canada, Japan, Mexico and the EU on trade. Failure to reach an agreement meant that the steel and aluminium tariffs threatened by Trump came into force. With this, Trump has begun the process of unravelling globalisation. On Saturday, the G-7 finance ministers met and the 6 non-US ministers came together against the US, expressing their “unanimous concern and disappointment” over the US decision.

Trade war looms as Trump slaps tariffs on steel, aluminum

Trudeau announces retaliatory measuresAs of midnight on May 31, the Trump administration has delivered on its threats and imposed tariffs on imports of Canadian steel and aluminum. The tariffs amount to 25 per cent and 10 per cent, respectively. Mexico and Europe have also been targeted.

Sears Bankruptcy: Bosses bailed out while workers screwed over

sears closing bankruptOn October 13th, the Ontario supreme court of Justice authorized the liquidation of all of the 130 Sears stores in Canada. This announcement came after the executive chairman of Sears Canada said the buyout plan he was negotiating with a group of buyers was not going to work. Starting on October 19th, Sears will begin liquidating its stores, a process that will take between 10 to 14 weeks. 12,000 employees from all over the country will lose their jobs. These workers, who are not entitled to any compensation, will quickly find themselves empty-handed and forced to find a job in a precarious economy.

Sears Canada: workers denied severance while bosses get millions

Sears CanadaOn June 22, Sears Canada announced it would be closing 59 stores as part of a restructuring plan under the Companies' Creditors Arrangement Act (CCAA). The CCAA offers troubled companies an opportunity to restructure their affairs under court protection. These restructuring agreements prioritize the interests of shareholders and creditors over the needs of employees.

Toronto: A Tale of Two Cities

6263959180 26be92d267 bAccording to a recent survey by real estate consultant Knight Frank, there are 1,216 “super-rich” people in Toronto. This is the second highest of any city in North America, behind only New York City.

Scandal Reveals Rottenness of Canadian Banks

TD BANKCanada’s “Big Five” banks are under fire for pushing unrealistic sales targets on their employees. To meet these targets, front-line workers are forced to mislead their customers into purchasing financial products without full knowledge.

Home Capital Group Crisis Provokes Concerns Among Bourgeoisie

Home Capital GroupCanada’s largest non-bank mortgage lender is collapsing. Home Capital Group recently experienced a massive 78 per cent plummet in share prices. This was due to its April 26 press release which stated that, to continue operating, it required an expensive, high interest loan (effectively a 22.5 per cent interest loan) from Healthcare of Ontario Pension Plan.

Universal basic income: utopian dream or libertarian nightmare?

Basic IncomeUniversal basic income (or UBI), an unconditional payment to all citizens, has become part of the economic zeitgeist in recent times, embraced by advocates on both the Left and the Right as a solution to the symptoms and sores of the crisis-ridden capitalist system.

Part II – Port of Churchill Closure - Nightmare facing Northern Communities

seven stories from the suicide epidemic plaguing canadas indigenous youth 1461613689In this continuation of our two-part analysis of the repercussions of the Port of Churchill closure, we detail the economic depression facing the North, the impact of the world capitalist crisis on the resource extraction sector, the social crisis facing nothern communities and the struggle against anti-aboriginal racism.

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