Canada’s former ambassador the United States says that even as the two countries enjoy a moment in the sun, he is concerned about possible currency manipulation and the effect it could have on Canada.
“We should be very worried about the debate that took place in the Senate and the House on currency manipulation with Japan and other countries,” said Doer during a panel discussion on The West Block.
“Currency is a big deal in the United States, it’s a big deal affecting (the Trans-Pacific Partnership), and it could be a big deal affecting protectionist behaviour in the United States. So I’m not the Bank of Canada, but please watch that issue.”
Presidential hopeful Hillary Clinton has said she will expand the American arsenal of responses to currency manipulation by countries like China and Japan to include additional duties and tariffs.
Donald Trump has also said the best way to fight currency devaluation is to tax foreign products.
“I’d keep one on that when we look at currency with the contending candidates running for president,” Doer advised.
The West Block panel also tackled the broader theme of Canada’s relationship to its southern neighbour over the last decade, with Doer arguing that under the Harper government, the relationship may not always have been rosy due to disagreement over the Keystone XL pipeline, but things still got done.
“On big items, you work in the public interest,” he said. “So if you look at the Detroit-Windsor Bridge, if you look at TPP negotiations that everybody predicted would not go anywhere … they had a very professional relationship.”
Watch the full panel discussion above.