Premier and Minister Fedeli Advance Investment and Trade Discussions at the National Governors Association Winter Meeting
WASHINGTON, D.C. — Today, Premier Doug Ford and Vic Fedeli, Minister of Economic Development, Job Creation and Trade, wrapped up two days of successful meetings at the Winter Meeting of the National Governors Association, where they advanced discussions with key U.S. governors and business leaders to promote investment and trade.
“Our close economic ties have proven time and time again to be a benefit to people in Ontario and the U.S. by creating new jobs and new opportunities,” said Premier Ford. “I took that message to my colleagues in Washington, D.C. — we will continue to work together to create the right conditions for businesses to invest and grow on both sides of the border.”
At a roundtable event with business leaders, Premier Ford unveiled the Ontario government’s new strategy for trade with the U.S., which will expand opportunities for businesses to grow and create jobs on both sides of the border. The strategy includes pursuing Strategic Investment and Procurement Agreements (SIPAs) with U.S. states, which would seek to secure improved access to government procurement opportunities in U.S. states for Ontario businesses.
Premier Ford also had productive discussions with key officials, including U.S. Trade Representative Robert Lighthizer, Deputy Prime Minister Chrystia Freeland and Acting Ambassador of Canada to the United States Kirsten Hillman. He also met with a number of U.S. state governors, including Wisconsin, Maryland, Kentucky, Indiana, Arizona, Ohio and Illinois, as well as governors from the Mexican states of Querétaro and Baja California Sur. They discussed shared priorities such as how they could work together to remove trade barriers, create good jobs and strengthen economic ties.
At a National Governors Association plenary session, Premier Ford highlighted Ontario’s leadership in infrastructure procurement and using public-private partnerships to deliver large, complex projects in front of an audience which included U.S. state governors. He welcomed the opportunity to share Ontario’s knowledge by inviting governors to participate in the upcoming NGA Infrastructure Study Tour to Toronto.
Premier Ford also met with Ford Motor Company to discuss the implementation of CUSMA and the potential to create new opportunities for Ontario’s auto industry, as well as with leaders from Google to thank them for their recently announced investments in our province that will spur new jobs in Toronto and Waterloo.
“Trade and investment are essential for Ontario’s growth, competitiveness, and job creation,” said Minister Fedeli. “By travelling to Washington, our government is ensuring Ontario is well-positioned to increase trade and unlock opportunities for Ontario businesses, making it easier to succeed in today’s globally competitive world.”
After departing Washington, D.C., Premier Ford and Minister Fedeli will travel to Dallas, Texas to meet with business leaders to further the province’s important trading and investment relationship with the U.S. state.
Quick Facts
Since taking office, Premier Ford has spoken with 26 U.S. state governors and has led visits to Washington, D.C., Maryland, Ohio, New York and Detroit.
Strategic Investment and Procurement Agreements (SIPAs) with U.S. states would seek to secure improved access to government procurement opportunities in U.S. states for Ontario businesses, and identify key actions to enhance and promote overall investment flows between Ontario and U.S. states.
If Ontario were a country, it would be the U.S.’ third largest trading partner.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
