WASHINGTON (AP) — As fears about the coronavirus outbreakroiled financial markets, the nation’s political leaders grappled Monday with a public health and economic maelstrom — as well as concerns for their own safety.
The spread of the virus moved ever closer to U.S. President Donald Trump as close congressional confidants — including one who traveled on Air Force One with him Monday — moved to quarantine themselves after exposure to a person infected with the virus. This, as the White House said it was “conducting business as usual,” and Trump sought to project calm as the epidemic poses one of the greatest tests yet to his administration.
2:25 COVID-19: U.S. Democrat says Trump administration failed to fully prepare for outbreak
COVID-19: U.S. Democrat says Trump administration failed to fully prepare for outbreak
Trump officials argued that they had the matter well in hand, and charged political opponents with rooting for an economic collapse. On Capitol Hill, at least five lawmakers were in self-quarantine as discussions were underway on how to address the virus outbreak and economic volatility and keep the government functioning.
Trump dove into shake hands with supporters Monday morning when arriving to headline a fundraiser in Longwood, Florida, that raised approximately US$4 million for his reelection campaign and the Republican Party. He ignored shouted questions about the plunging stock market as he boarded Air Force One for the flight back to Washington.
In Monday morning tweets, Trump lashed out at the steep market drop and news that large public gatherings were being called off because of the virus.
So last year 37,000 Americans died from the common Flu. It averages between 27,000 and 70,000 per year. Nothing is shut down, life & the economy go on. At this moment there are 546 confirmed cases of CoronaVirus, with 22 deaths. Think about that!
“At this moment there are 546 confirmed cases of CoronaVirus, with 22 deaths,” Trump tweeted, comparing it to seasonal influenza and the thousands of deaths that causes. “Think about that!”
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Scientists at this stage don’t know what the death rate of the new coronavirus actually is and whether it will wind up being about the same as flu or worse.
2:38 At least 21 people aboard Grand Princess test positive for COVID-19
At least 21 people aboard Grand Princess test positive for COVID-19
At the same time, administration officials were insistent that they weren’t trying to dismiss public concerns. “This is a very serious health problem,” Health and Human Services Secretary Alex Azar told Fox News.
At the Pentagon, officials have begun “social distancing” measures. On Monday, Defense Secretary Mark Esper’s regular meeting with senior staff, which normally would be held face-to-face in a single room with 40 to 50 participants, was broken up into three rooms, with video-teleconferencing among the rooms, according to the Pentagon’s chief spokesman, Jonathan Hoffman. He said Esper and the 15 to 20 people in his room, including Gen. Mark Milley, chairman of the Joint Chiefs of Staff, sat at least six feet apart, in line with health guidance.
Trump was delegating much of the virus response to Vice President Mike Pence, who convened a video teleconference to give an update on the federal government’s virus response Monday afternoon with the nation’s governors. Pence was also scheduled to lead a meeting of the administration’s task force on Monday before holding a press briefing.
6:22 Financial expert Dwayne Henne on the coronavirus effects on the markets
Financial expert Dwayne Henne on the coronavirus effects on the markets
On Capitol Hill, where many lawmakers are older and have frequent constant contact with the public, leaders were fielding questions from members and staff about how the complex will be secured. Leaders have so far shown little willingness to close the Capitol, but meetings were scheduled throughout the day to discuss preparations.
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On Monday, Rep. Doug Collins, R-Ga., and Rep. Matt Gaetz, R-Fla., put themselves in voluntary quarantine after exposure to a person who tested positive for the virus at last month’s Conservative Political Action Conference.
Both said they did not have any symptoms but would wait out the remainder of the 14 days since the contact at home. Gaetz had traveled to Washington with Trump on Air Force One on Monday. Collins met Trump on Tuesday night at the White House and shook hands with Trump on Friday when the president visited the Centers for Disease Control and Prevention’s Atlanta headquarters.
A day earlier, Sen. Ted Cruz, R-Texas, and Rep. Paul Gosar, R-Ariz., placed themselves in quarantine after coming in contact with the same person at the conservative conference.
3:28 What you need to know about travelling amid coronavirus outbreak
What you need to know about travelling amid coronavirus outbreak
As well, Rep. Julia Brownley, D-Calif., said she met last week with a person who has since been diagnosed with the virus. She closed her office and said she and her staff are “self-monitoring and maintaining social distancing practices.”
Vast numbers of visitors come to the Hill, especially at this time of year when advocacy groups arrange “fly-in” trips to lobby and speak to lawmakers, and school groups descend for tours.
Trump was meeting Treasury Secretary Steven Mnuchin, Larry Kudlow and other aides when he returned to the White House about a range of economic actions he could take. He also invited Wall Street executives to the White House later in the week to discuss the economic fallout of the epidemic.
Kudlow, director of the president’s National Economic Council, told reporters Friday that the administration is not looking at a “massive” federal relief plan. Rather, any federal aid package would be “timely and targeted and micro.”
Lawmakers on Capitol Hill had barely started to contemplate the economic implications of the spread of the virus and what might be needed to stimulate the economy as people cancel vacations and business trips and stay away from stores. Senate Finance Committee Chairman Chuck Grassley is “exploring the possibility of targeted tax relief measures that could provide a timely and effective response to the coronavirus,” spokesman Michael Zona said Monday.
“Everything’s on the table,” Grassley told reporters.
Democrats indicated they preferred other responses, like passing legislation requiring employers to give their workers paid sick leave — a longtime policy priority of Democrats — and additional help for those with lower incomes.
“The best way to ensure economic security for the American people right now is to deal with the coronavirus itself, competent and full on,” said Senate Democratic Leader Chuck Schumer. “Something we haven’t yet seen. Getting a handle on the crisis and containing the spread of the virus is by far the best way to address any effects on the economy.”
2:03 Oil price drop comes less than 2 weeks after Alberta budget
Oil price drop comes less than 2 weeks after Alberta budget
A day after saying it was “proceeding as normal,” Trump’s campaign canceled a three-day Women for Trump bus tour across Michigan that included Mercedes Schlapp, the former White House aide who is married to the American Conservative Union chairman, Matt Schlapp.
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Schlapp is under self-quarantine after after he, too, was exposed to the infected person at CPAC. He introduced Trump and greeted him with a handshake on stage before the president’s spoke on Feb. 29.
“The president of the United States, as we all know, is quite a hand washer,” press secretary Stephanie Grisham told Fox News. “He uses hand sanitizer all the time. So he’s not concerned about this at all.”
OTTAWA – Canada’s unemployment rate held steady at 6.5 per cent last month as hiring remained weak across the economy.
Statistics Canada’s labour force survey on Friday said employment rose by a modest 15,000 jobs in October.
Business, building and support services saw the largest gain in employment.
Meanwhile, finance, insurance, real estate, rental and leasing experienced the largest decline.
Many economists see weakness in the job market continuing in the short term, before the Bank of Canada’s interest rate cuts spark a rebound in economic growth next year.
Despite ongoing softness in the labour market, however, strong wage growth has raged on in Canada. Average hourly wages in October grew 4.9 per cent from a year ago, reaching $35.76.
Friday’s report also shed some light on the financial health of households.
According to the agency, 28.8 per cent of Canadians aged 15 or older were living in a household that had difficulty meeting financial needs – like food and housing – in the previous four weeks.
That was down from 33.1 per cent in October 2023 and 35.5 per cent in October 2022, but still above the 20.4 per cent figure recorded in October 2020.
People living in a rented home were more likely to report difficulty meeting financial needs, with nearly four in 10 reporting that was the case.
That compares with just under a quarter of those living in an owned home by a household member.
Immigrants were also more likely to report facing financial strain last month, with about four out of 10 immigrants who landed in the last year doing so.
That compares with about three in 10 more established immigrants and one in four of people born in Canada.
This report by The Canadian Press was first published Nov. 8, 2024.
The Canadian Institute for Health Information says health-care spending in Canada is projected to reach a new high in 2024.
The annual report released Thursday says total health spending is expected to hit $372 billion, or $9,054 per Canadian.
CIHI’s national analysis predicts expenditures will rise by 5.7 per cent in 2024, compared to 4.5 per cent in 2023 and 1.7 per cent in 2022.
This year’s health spending is estimated to represent 12.4 per cent of Canada’s gross domestic product. Excluding two years of the pandemic, it would be the highest ratio in the country’s history.
While it’s not unusual for health expenditures to outpace economic growth, the report says this could be the case for the next several years due to Canada’s growing population and its aging demographic.
Canada’s per capita spending on health care in 2022 was among the highest in the world, but still less than countries such as the United States and Sweden.
The report notes that the Canadian dental and pharmacare plans could push health-care spending even further as more people who previously couldn’t afford these services start using them.
This report by The Canadian Press was first published Nov. 7, 2024.
Canadian Press health coverage receives support through a partnership with the Canadian Medical Association. CP is solely responsible for this content.
As Canadians wake up to news that Donald Trump will return to the White House, the president-elect’s protectionist stance is casting a spotlight on what effect his second term will have on Canada-U.S. economic ties.
Some Canadian business leaders have expressed worry over Trump’s promise to introduce a universal 10 per cent tariff on all American imports.
A Canadian Chamber of Commerce report released last month suggested those tariffs would shrink the Canadian economy, resulting in around $30 billion per year in economic costs.
More than 77 per cent of Canadian exports go to the U.S.
Canada’s manufacturing sector faces the biggest risk should Trump push forward on imposing broad tariffs, said Canadian Manufacturers and Exporters president and CEO Dennis Darby. He said the sector is the “most trade-exposed” within Canada.
“It’s in the U.S.’s best interest, it’s in our best interest, but most importantly for consumers across North America, that we’re able to trade goods, materials, ingredients, as we have under the trade agreements,” Darby said in an interview.
“It’s a more complex or complicated outcome than it would have been with the Democrats, but we’ve had to deal with this before and we’re going to do our best to deal with it again.”
American economists have also warned Trump’s plan could cause inflation and possibly a recession, which could have ripple effects in Canada.
It’s consumers who will ultimately feel the burden of any inflationary effect caused by broad tariffs, said Darby.
“A tariff tends to raise costs, and it ultimately raises prices, so that’s something that we have to be prepared for,” he said.
“It could tilt production mandates. A tariff makes goods more expensive, but on the same token, it also will make inputs for the U.S. more expensive.”
A report last month by TD economist Marc Ercolao said research shows a full-scale implementation of Trump’s tariff plan could lead to a near-five per cent reduction in Canadian export volumes to the U.S. by early-2027, relative to current baseline forecasts.
Retaliation by Canada would also increase costs for domestic producers, and push import volumes lower in the process.
“Slowing import activity mitigates some of the negative net trade impact on total GDP enough to avoid a technical recession, but still produces a period of extended stagnation through 2025 and 2026,” Ercolao said.
Since the Canada-United States-Mexico Agreement came into effect in 2020, trade between Canada and the U.S. has surged by 46 per cent, according to the Toronto Region Board of Trade.
With that deal is up for review in 2026, Canadian Chamber of Commerce president and CEO Candace Laing said the Canadian government “must collaborate effectively with the Trump administration to preserve and strengthen our bilateral economic partnership.”
“With an impressive $3.6 billion in daily trade, Canada and the United States are each other’s closest international partners. The secure and efficient flow of goods and people across our border … remains essential for the economies of both countries,” she said in a statement.
“By resisting tariffs and trade barriers that will only raise prices and hurt consumers in both countries, Canada and the United States can strengthen resilient cross-border supply chains that enhance our shared economic security.”
This report by The Canadian Press was first published Nov. 6, 2024.
