News of Canada’s apparent ejection from the list of countries that stand to benefit from Saudi Crown Prince Mohammed Bin Salman’s largesse reminded me of something that Stephen Poloz, the Bank of Canada governor, said last month.
It was from his interview with the Financial Post. I had asked Poloz if he thought Canadian aluminum and steel exports might push through U.S. duties the same way lumber shipments had? He surprised me by saying the issue was bigger than that. “It could be that we’re putting too much energy into it,” he said, referring to the tit-for-tat response to the Trump administration’s tax on metal imports.
“But at the same time,” Poloz continued, “if we’re not going to spend energy on it, just because this is small, or that’s not going to have much effect, what good are we? There are principles involved.”
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