Name: How Rising U.S. Interest Rates Affects Canada
Uploaded: 2020-03-13T17:23:12.000Z
Duration: 2 min 51 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

an annual basis way bring in over four million tonnes of iron.

Or for the past year most of the concern has been about oil.

But this Hamilton steel manufacturer says the economic slump has hit them Justus hard.

It's been a tremendous blow to the industry at large both the steel industry and the mining industry.

So the price of steel has dropped over 40% in the course of one year.

Much like oil, there is a global blood and steel driving prices low lows they haven't seen since 2003.

Theo Canadian economy as a whole is heavily dependent on resources, much more than the U.

So when those prices slumped, the economy goes with it.

Fed rate hike is expected to push the already low dollar even lower today, the prime minister acknowledged that could be a double edged sword.

There will be opportunities for our exporters to to benefit from it, but obviously we are always looking at the challenges that ah lower dollar will pose to Canadian producers on thio, the Canadian economy in general.

Just yesterday, Bank of Canada Governor Stephen Pole laws said wth e economic recovery in the U.

Usually think of the Canada follow the K economy following US economy fairly closely.

This will be one of those places where it really doesn't.

While this has been a rough year before the oil crashed, Canada's economy had been performing well.

Consumers were spending but piling on record debt, buying expensive houses, all driving the economy as we recovered in 2010 2011 3 U.

Is finally seeing a recovery from the 8 4009 recession.

It's been a very, very slow wait to see ah, the U.

S consumer really finally kick kick back in with some strength.

So for now, this remains a tale of two different economies.

Confident and growing, the other here, lagging behind and hoping to catch up after suffering recent setbacks.

Peter Well, Renee, what should Canadians be watching for?

In light of today's US rate high well, first, the Canadian dollar already low it will likely fall even more as investors flocked to the U.

Dollar over the loony and next interest rates.

The Bank of Canada is in no mood to raise rates here, so it's short term rates likely won't move.

But longer term rates, like some mortgages, could go up because they are tied to the rising rates of the bond market.

Now, the biggest impact, though, could be on our GDP.

S economy keeps growing, that economy will hopefully bring ours up with it.