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Economy

Trump slams impeachment trial, touts U.S. economy at World Economic Forum – Global News

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U.S. President Donald Trump is leaving the World Economic Forum in Switzerland with bullish talk on the American economy and lashing out at his Senate impeachment trial back in Washington.

Trump called a surprise news conference Wednesday to mark a “tremendous two days” at the glitzy summit of world leaders and financiers in Davos, which has served as a respite from the trial underway in Washington.

“It’s such a hoax,” Trump said of the impeachment case against him. “I think it’s so bad for our country.”

READ MORE: Trump impeachment trial — U.S. Senators approve rules but reject witnesses

Trump gave his legal team high marks after more than 12 hours of arguments on procedural motions Tuesday in which Republicans blocked Democratic efforts to immediately call witnesses and subpoena documents. But Trump said he wanted to see his aides, including former national security adviser John Bolton and acting chief of staff Mick Mulvaney, testify in the Senate.

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“Personally, I’d rather go the long route,” he said, referring to calling witnesses in the Senate trial, before suggesting that there were “national security” concerns to allowing their testimony.

A resolution passed early Wednesday by a party line vote allows the Senate to consider calling witnesses only after both sides in the impeachment trial present their cases.

“I thought our team did a very good job,” Trump said, saying he watched some of the proceedings. He praised White House Counsel Pat Cipollone’s ”emotion“ on the Senate floor, adding, ”I was very proud of the job he did.“






3:05
Lawmakers argue rules, evidence as Trump impeachment trial begins


Lawmakers argue rules, evidence as Trump impeachment trial begins

Trump repeated his attacks on Democratic House managers serving as prosecutors in the trial, saying that he’d like to “sit right in the front row and stare at their corrupt faces” on the Senate floor during the trial but that his attorneys might have a problem with it.

Democrats say Trump abused his power in his dealings with Ukraine and obstructed Congress in its investigation. Trump denies doing anything wrong.

Trump opened his news conference with triumphant talk on the American economy and said he is pushing for “very dramatic” changes to the World Trade Organization. He called on Roberto Azevedo, the director general of the international organization, who said “has to be updated.”

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READ MORE:
Here’s what to watch for as Trump’s impeachment trial kicks off

Azevedo acknowledged that “the system has not been functioning properly in many areas.”

“We are committed to effect those changes, and this is something we are serious about,” he added.

Trump had announced the unexpected availability during a meeting with Iraqi President Barham Salih.






2:36
Trump legal counsel says rules for impeachment trial ‘fair way to proceed’


Trump legal counsel says rules for impeachment trial ‘fair way to proceed’

Trump also said the United States is moving to add more countries to its travel ban list, but gave no other details, saying the changes would be announced soon,

The Trump administration is planning to add seven countries — Belarus, Eritrea, Kyrgyzstan, Myanmar, Nigeria, Sudan and Tanzania – to the list, U.S. media reported on Tuesday.

READ MORE: White House mulls extending travel ban to more countries, sources say

Trump arrived in Davos on Tuesday. He addressed the forum and over two days has held meetings with leaders from the European Union, Iraq and Pakistan, among others.

The Republican president said in most of his meetings that trade was on the agenda.

-With files from Reuters

© 2020 The Canadian Press

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Economy

Mark Carney to lead Liberal economic task force ahead of next election

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NANAIMO, B.C. – Former Bank of Canada governor Mark Carney will chair a Liberal task force on economic growth, the party announced Monday as Liberal MPs meet to strategize for the upcoming election year.

Long touted as a possible leadership successor to Prime Minister Justin Trudeau, Carney was already scheduled to address caucus as part of the retreat in Nanaimo, B.C., this week.

The Liberals say he will help shape the party’s policies for the next election, and will report to Trudeau and the Liberal platform committee.

“As chair of the Leader’s Task Force on Economic Growth, Mark’s unique ideas and perspectives will play a vital role in shaping the next steps in our plan to continue to grow our economy and strengthen the middle class, and to urgently seize new opportunities for Canadian jobs and prosperity in a fast-changing world,” Trudeau said in a statement Monday.

Trudeau is expected to address Liberal members of Parliament later this week. It will be the first time he faces them as a group since MPs left Ottawa in the spring.

Still stinging from a devastating byelection loss earlier this summer, the caucus is now also reeling from news that its national campaign director has resigned and the party can no longer count on the NDP to stave off an early election.

Last week, NDP Leader Jagmeet Singh ended his agreement with Trudeau to have the New Democrats support the government on key votes in exchange for movement on priorities such as dental care.

All of this comes as the Liberals remain well behind the Conservatives in the polls despite efforts to refocus on issues like housing and affordability.

Some Liberal MPs hope to hear more about how Trudeau plans to win Canadians back when he addresses his team this week.

Carney appears to be part of that plan, attempting to bring some economic heft to a government that has struggled to resonate with voters who are struggling with inflation and soaring housing costs.

Trudeau said several weeks ago that he has long tried to coax Carney to join his government. The economist and former investment banker spent five years as the governor of the Bank of Canada during the last Conservative government before hopping across the pond to head up the Bank of England for seven years.

Carney is just one of a host of names suggested as possible successors to Trudeau, who has insisted he will lead the party into the next election despite simmering calls for him to step aside.

Those calls reached a new intensity earlier this summer when the Conservatives won a longtime Liberal stronghold in a major byelection upset in Toronto—St. Paul’s.

But Trudeau held fast to his decision to stay and rejected calls to convene his entire caucus over the summer to respond to their concerns about their collective prospects.

The prime minister has spoken with Liberal MPs one-on-one over the last few months and attended several regional meetings ahead of the Nanaimo retreat, including Ontario and Quebec, which together account for 70 per cent of the caucus.

While several Liberals who don’t feel comfortable speaking publicly say the meetings were positive, the party leader has mainly held to his message that he is simply focused on “delivering for Canadians.”

Conservative House leader Andrew Scheer was in Nanaimo ahead of the meeting to express his scorn for the Liberal strategy session, and for Carney’s involvement.

“It doesn’t matter what happens in this retreat, doesn’t matter what kinds of (communications) exercise they go through, or what kind of speculation they all entertain about who might lead them in the next election,” said Scheer, who called a small press conference on the Nanaimo harbourfront Monday.

“It’s the same failed Liberal policies causing the same hardships for Canadians.”

He said Carney and Trudeau are “basically the same people,” and that Carney has supported Liberal policies, including the carbon tax.

The three-day retreat is expected to include breakout meetings for the Indigenous, rural and women’s caucuses before the full group convenes later this week.

This report by The Canadian Press was first published Sept. 9, 2024.

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Economy

S&P/TSX composite down more than 200 points, U.S. stock markets also fall

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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.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Here’s a quick glance at unemployment rates for August, by province

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OTTAWA – Canada’s national unemployment rate was 6.6 per cent in August. Here are the jobless rates last month by province (numbers from the previous month in brackets):

_ Newfoundland and Labrador 10.4 per cent (9.6)

_ Prince Edward Island 8.2 per cent (8.9)

_ Nova Scotia 6.7 per cent (7.0)

_ New Brunswick 6.5 per cent (7.2)

_ Quebec 5.7 per cent (5.7)

_ Ontario 7.1 per cent (6.7)

_ Manitoba 5.8 per cent (5.7)

_ Saskatchewan 5.4 per cent (5.4)

_ Alberta 7.7 per cent (7.1)

_ British Columbia 5.8 per cent (5.5)

This report by The Canadian Press was first published Sept. 6, 2024.

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