The US is again at a cross point with one of the most important events in recent times – the 2020 Presidential Election. This one may prove to be one of the most important ones in recent history, even more, important than the 2016 election. But the importance of the result is not the main concern of the people in the US only. It stretches beyond its borders and will have a certain effect worldwide.
The people of Canada are the ones with the most concerns. Actually, according to the study conducted Angus Reid which involves measuring the attitude that Canadian people have towards the US, exactly half of the surveyed people thing that president Trump is going to be reelected.
But 67% of people think that Trump’s relation is going to have a negative impact on Canada all-together. Only 8% of people in Canada think that Trump’s reelection will benefit Canada.
It appears that the opinion of people in Canada has not changed over the course of four years. Back in 2016, 62% of people in Canada were greatly upset at Trump being elected as the President of the US. Their main concern was that the relationship between the two countries would definitely turn sour.
Seven out of ten people in Canada today have a negative opinion about Trump’s administration.
So what would it mean for Canada if Trump wins again?
Lumber and Automobile Industries are going to Suffer
One of the main issues that politicians in Canada are concerned about is that Trump’s election is going to affect some of the main industries in the country. Namely, the automotive and the lumber industries are going to suffer.
Currently, there is a war between the state of California and Trump in terms of energy efficiency about cars. California is still supporting Obama’s act of energy-efficient cars while Trump is naturally against it. Although Canada has always sided with the US they have to wait and see the outcome of this war and are forced to follow the one that proceeds.
Additionally, Trump hit the lumber industry hard during his first year in office. The US accused Ottawa of unfairly subsidizing lumber and then selling it to the US. These complaints might continue and the whole lumber industry which is very important for Canada might suffer.
Ever since a yield curve inversion has been reported by markets in August, everyone has been scared that it might actually happen.
Basically, a yield curve inversion occurs when a payout of 10-year bonds slips bellow the payout for two-year bonds. It is actually an opposite scenario towards what happens in a well-functional economy.
Trump’s relationship with China has only gotten worse over the years. The disagreement between the world’s two biggest economies has only promoted rising fears that a recession is due. Trump might undermine the confidence of the world’s economy, which may end up resulting in a recession. This is not only going to affect the US in a bad way but will definitely have an impact on Canada.
People of Canada are definitely not positive about the upcoming US presidential election. Being that they feel that Trump is going to sit in office for four more years, not a lot of good is going to occur on the front between the US and Canada.