Canada\u0027s finance minister says economy faces slowdown but the nation has the fiscal capacity to get through it. Read more
The finance minister also said Canada must strengthen its incentives meant to help industry scale up clean technologies after the United States passed massive investments in August to accelerate the green transition there.
The Inflation Reduction Act was signed into law by U.S. President Joe Biden and contains incentives for consumers and businesses as the United States seeks to drastically cut its carbon emissions.Article content “This is a far-reaching piece of legislation with a lot of different consequences for Canada,” Finance Minister Chrystia Freeland told reporters in Windsor, Ontario, where she spoke to automotive parts manufacturers earlier.
There are “elements” of the IRA that Canada needs to “respond to,” she said. “We are working on it. You will see some of that in the fall economic statement, and you’ll see further action in the budget in the spring.”Freeland said she would soon announce a date for the annual fall economic statement , which is when the government updates its economic projections and sometimes tweaks its spending plans. Canada should avoid new stimulus in the FES, analysts told Reuters last week.
Canadian companies seeking to build carbon capture facilities and manufacturers hoping to attract new electric vehicle or battery plants have expressed concern that the IRA will give the United States an unfair advantage.
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'Difficult days ahead:' Chrystia Freeland warns slowdown coming for Canada's economyCanada\u0027s finance minister says economy faces slowdown but the nation has the fiscal capacity to get through it. Read more
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