New U.S. Tariffs and Trade Tensions Are 'Manageable,' Says Scotiabank CEO
Scotiabank posted $2.95 billion in quarterly profit, beating estimates as Thomson said new U.S. tariffs would have only a small GDP impact.
- On Tuesday, Bank of Nova Scotia CEO Scott Thomson and Bank of Montreal CEO Darryl White said the 50 per cent tariffs imposed by President Donald Trump on about $28 billion of Canadian goods are manageable.
- Trade talks collapsed last weekend, prompting Trump to impose 50 per cent tariffs on Canadian goods; Canada responded with retaliatory dollar-for-dollar levies on American products taking effect September 8.
- Scotiabank reported a record $2.95 billion third-quarter profit, while Thomson stated Canada's economic fundamentals remain strong despite trade uncertainty. He said the situation is "manageable" for the domestic economy.
- Thomson and White urged Ottawa to accelerate Prime Minister Mark Carney's economic agenda by removing interprovincial trade barriers and reducing approval times for key energy projects.
- Bank of Montreal has invested $16.3 billion to grow its footprint in the United States, positioning the lender to navigate trade diversification as the North American market evolves.
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