Five things you should know before starting your workday on June 12
Hello, good morning! Shari Kulha here with your morning business-history bite. On June 12,В 1897 Karl Elsener patented a penknife, which later became the Swiss Army Knife. Immediately, my mindвЂ™s eye saw similarities to TrumpвЂ™s cronies вЂ” each pop-up useful for a limited purpose, quickly made to disappear, none too sharp, and every one of them a tool. Badaboom.
WHAT FRESH HELL WAS THAT?
After the G-7 meeting, observers felt the ferocity and personal tone of the insults from Trump and a couple of his lackeys against Justin Trudeau had crossed a line, and some even asked whether we should boycott U.S. products and stop travel south of the border. But about 1.9 million Canadian jobs are tied directly to trade with the U.S., which takes almost 75% of CanadaвЂ™s exports, which means it would be difficult to overstate the damage that bad relations with the U.S. could cause to the Canadian economy.
FREE THE BEER!
In the Trump trade war, Trudeau has CanadiansвЂ™ support,В writesВ Kevin Carmichael. But now, he really needs to get our own trade house in order. Now that everyoneвЂ™s on the same page defending Canada, it might be time to start making some internal changes, like lowering business taxes, moving on Kinder Morgan, ratifying the TPP, removing inter-provincial trade barriers, and on and on.
PUNCH CARDвЂ™S GOING TO WEAR THIN
THE FORD EFFECT
OntarioвЂ™s election of Doug Ford as premier brought down carbon prices in California. OntarioВ and California run a joint carbon market, but Ford has vowed to kill the local cap-and-trade program.В One analyst said the reaction was a bit muted because of an oversupply of allowances on the market.
A BRAKE ON AUTO JOBSВ
Alicja Siekierska reports that industry experts are warning of the effects of TrumpвЂ™s auto tariffs.В вЂњThere would be a serious shortage of supply into the U.S.,вЂќ said automotive consultant Dennis Desrosiers, вЂњвЂ¦ so the prices of all vehicles would go up quite radicallyвЂ¦. ItвЂ™s so outrageous and so negative to the U.S., itвЂ™s unlikely Trump can be serious.вЂќ HeВ calculates such tariffs could mean job losses of between 300,000 and 500,000, with most hitting the U.S.