Word: trudeau
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...Secretary of State's meeting with MacEachen and a subsequent talk with Canadian Prime Minister Pierre Elliott Trudeau were signs of a small thaw in a U.S.-Canadian relationship that has grown increasingly frosty. Washington is concerned by what it sees as the nationalistic and discriminatory investment policies of Trudeau's Liberal government. Those worries have been expressed vocally in the U.S. Congress. Last week Congressman John Dingell, chairman of the House Subcommittee on Oversight and Investigations, attacked Canada for "unfair and confiscatory policies in the energy and investment areas." According to a report issued by the subcommittee...
Ottawa is now trying hard to correct its image. The reason: foreign, and particularly U.S., investment is central to Trudeau's new strategy for reversing Canada's worst economic decline since the Depression. As Trudeau put it in a televised national address, "A difficult winter lies ahead. We face a challenge unlike any our generation has faced. We must keep our markets open to others in order to secure access to their markets. We must meet the competition at home and abroad...
...recent Gallup poll showed that the Prime Minister, now in his 14th year in office, and his Liberal Party would be soundly defeated by the opposition Progressive Conservatives if elections were held today. Three weeks ago, the Liberals suffered humiliating defeats in three parliamentary by-elections in Ontario, leaving Trudeau with a mere ten-seat majority (146 to 136) in the House of Commons...
Foreign investors have blamed much of Canada's trouble on two policies initiated by Trudeau. In 1973 his government created the Foreign Investment Review Agency (FIRA) to screen foreign takeovers and, more recently, to approve new foreign investment in Canada. U.S. businessmen have complained about government arm twisting to extract additional economic concessions in exchange for investment approvals. Lengthy FIRA delays in considering their investment applications have also caused many businessmen to send their money elsewhere. In 1980 Ottawa launched the National Energy Program (NEP), which was designed to increase Canadian oil and natural gas production. In addition...
...Trudeau has responded to Canada's economic crisis with a program of public-sector wage restraints, holding pay hikes to 6% in 1983 and 5% in 1984. But the glaring problem, says Laurent Thibault, vice president of the Canadian Manufacturers' Association, is that "the government is so overburdened by debt that it can't afford to stimulate the country. Business isn't going to do it. That leaves exports...