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Scotiabank economist Derek Holt argues that US President-elect Donald Trump's demand that allies spend 5% of their GDP on defense this month will make the Western Hemisphere less secure, less reliable and more vulnerable. Canada currently spends about 1.25%, or C $40 billion per year. Holt calculates that raising this to 2% of NATO commitments would be equivalent to C $60 billion per year if implemented immediately, even though Canada has committed to 2...
USGS: A magnitude 6 earthquake struck the Scotia area of California.
Scotiabank economist Derek Holt says there are reasons for companies and markets to be very cautious about the future after the U.S. election. A surge in protectionism will almost certainly cloud the global economic outlook, becoming a headwind for U.S. and global growth. "Fiscal stimulus to the U.S. economy with excess demand will again trigger inflation risks and higher yields. The mixed effect of tax cuts and spending cuts is uncertain, but the former may exceed the post...
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