Connect with us

Hi, what are you looking for?

Canada
Canada

Business

Canada’s finance minister resigns amid rising US trade tensions

Chrystia Freeland resigned as Canada’s finance minister due to differences with Prime Minister Justin Trudeau and economic challenges from US tariffs. Her resignation raises concerns about Trudeau’s leadership as the country braces for potential trade conflicts.

Chrystia Freeland, Canada’s finance minister and deputy prime minister, resigned due to policy disagreements with Prime Minister Justin Trudeau. Freeland announced that she will remain a member of Parliament but will resign from her ministerial position due to rising tensions with the United States.

Freeland’s decision comes after US President-elect Donald Trump threatened to impose high tariffs of up to 25% on Canadian products. In her resignation message, she underscored the gravity of the situation and lambasted the government’s present strategy. “We must take this threat seriously and avoid political distractions,” Freeland said, pushing the government to prioritize economic stability as trade relations hang in the balance.

Trudeau’s departure follows her “productive” meeting with Trump in Florida, which yielded no concrete ideas to prevent an impending trade war. Trump has accused Canada of failing to solve cross-border concerns such as illegal immigration and drug trafficking, which is escalating economic tensions between the two countries.

Freeland, who has been finance minister since 2020, was also heavily involved in the 2022 trucker demonstrations. Both domestically and internationally, her support for freezing protestors’ financial assets, including digital donations, drew widespread condemnation.

With Freeland’s departure, Trudeau is under tremendous pressure. Economic challenges, soaring inflation, and internal party disagreement have all contributed to a drop in his support ratings. Some Canadian politicians are now pushing for fresh leadership to tackle the country’s economic and political difficulties.

Freeland’s departure creates a big gap in Trudeau’s cabinet as Canada braces for the ramifications of Trump’s “aggressive economic nationalism” and prepares to navigate a difficult future.

author avatar
Alex
Formally freelance blogger Alex is passionate writer with interest in Finance and Business, fascinated about crypto following news and covering stories.
Advertisement

You May Also Like

Business

This week's Crypto Chronicle covers Tether's USDT certification in Abu Dhabi, Ripple’s RLUSD stablecoin approval by NYDFS, Vancouver’s increasing adoption of Bitcoin despite concerns,...

Cryptocurrency

Experts predict that the launch of the RLUSD stablecoin, a US dollar-backed token, will boost XRP demand in 2025. With transactions settling on the...

Cryptocurrency

Ripple's CTO, David Schwartz, has warned against early FOMO (Fear of Missing Out) ahead of the RLUSD stablecoin debut, forecasting short-term price volatility due...

Cryptocurrency

Michael Saylor, founder of MicroStrategy, believes MARA Holdings might be the next Bitcoin-focused company to join the Nasdaq 100. MARA's Bitcoin acquisition strategy and...

polkadot
Polkadot (DOT) $ 7.00 8.05%
bitcoin
Bitcoin (BTC) $ 96,719.91 4.47%
ethereum
Ethereum (ETH) $ 3,359.16 8.46%
cardano
Cardano (ADA) $ 0.888765 9.37%
xrp
XRP (XRP) $ 2.28 2.96%
stellar
Stellar (XLM) $ 0.372699 8.32%
litecoin
Litecoin (LTC) $ 100.37 7.26%