Posthaste: Despite trade war, ‘Elbows up’ has its limits

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeNewsPosthaste: Despite trade war, ‘Elbows up’ has its limits68% of Canadians find the increased risk of job loss as part of tariff counter measures unacceptableLast updated 10 minutes ago An “ELBOWS UP” sign is posted in a Toronto shopfront. Photo by Peter J. Thompson/National PostTHIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountCanadians are facing a difficult push-and-pull between supporting the country through its trade war with the United States and facing the drawbacks of an economic downturn.Three quarters of them support the federal government’s decision to push back on U.S. tariffs, but 68 per cent call the increased risk of job loss as part of its measures unacceptable, according to a survey by Build Canada.Meanwhile, 60 per cent also reject higher taxes of $500 or more and 69 per cent reject retirement losses of at least five per cent as part of the country’s pushback.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againThese results expose the tension between supporting the government’s efforts and addressing the potential consequences of doing so.“‘Elbows up’ is not a blank cheque,” Build Canada chief executive Lucy Hargreaves said in a news release. “Political leaders should not confuse broad support for holding firm with consent to endure personal losses. These results show that Canadians favour a firm negotiating position while rejecting what it could mean for their jobs, taxes and savings.”When it comes to higher costs, 40 per cent of Canadians are willing to endure the pain for “as long as it takes,” compared to 28 per cent who are not willing to accept any pain.Still, many are already making the sacrifices to support their country’s economy, with 69 per cent routinely choosing Canadian products even if they are more expensive.This comes as Canada is embroiled in an escalating trade war with the U.S., with Ottawa hiking tariffs earlier this week on motorcycles, cosmetics and cheese, among other products.Prime Minister Mark Carney said he doesn’t believe in escalating Canada’s trade war with the U.S., but that it was a necessary retaliation.These measures, however, mean Canadians should brace for turbulent times ahead, Carney said in a video on Tuesday.We apologize, but this video has failed to load.“This won’t be easy, and I won’t pretend otherwise,” he said. “But Canadians have faced difficult stretches before, and what’s carried us through has never ever been just one measure.”In response to Canada’s latest measures, U.S. President Donald Trump has moved to ban several products, including whey proteins, certain rye whiskies, malt beer and motorcycles, while also banning Canadian companies from U.S. government contracts.With files from Bloomberg News Sign up here to get Posthaste delivered straight to your inbox.New Apple Inc. chief executive John Ternus is under pressure to deliver its next iPhone as the tech giant is in the midst of a US$570 billion summer rally.The stock has climbed 15 per cent since June 25, but the stock has fallen on five of the past eight days after major product announcements, which came on Wednesday with the unveil of the iPhone 18 Pro and iPhone 18 Pro Max.Still Apple remains the second best performer of the Magnificent Seven stocks.Today’s Data: Farm product prices for July, U.S. existing home sales for AugustEarnings: Oracle Corp., Adobe Inc., Macy’s Inc., Empire Co. Ltd., Groupe Dynamite Inc., Transat A.T. Inc.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Canadians who do not have a spouse or partner, but support a dependent may be able to claim a tax credit. But for parents who are separated or divorced and still have minor children living at home, the entitlement to the credit can be complex. Tax expert Jamie Golombek looks at the case where the Canada Revenue Agency denied the credit to a B.C. divorced dad who was paying child and spousal support. Find out moreInterested in energy? The subscriber-only FP West: Energy Insider newsletter brings you exclusive reporting and in-depth analysis on one of the country’s most important sectors.Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).McLister on mortgagesWant to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his mortgage rate page for Canada’s lowest national mortgage rates, updated daily.Financial Post on YouTubeVisit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.Today’s Posthaste was written by Ben Cousins with additional reporting from Financial Post staff and Bloomberg.Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at posthaste@postmedia.com.Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters hereNotice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.