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Terence Corcoran: Carney issues ‘forward guidance’. So where are we going?

Carney’s 'hinge' theories drive economic policy, not a trade deal with the U.S.

Brimming with confidence and nationalist pride, Prime Minister Mark Carney delivered an online video address this week to explain how his government’s tariffs on $27-billion worth of imports from the United States was an essential retaliatory move. “This won’t be easy,” he said in words carried across all media, “and I won’t pretend otherwise.”

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The retaliatory tariffs amount to another escalation in a trade war launched by President Donald Trump, but Carney’s comments — filled with today’s top policy clichés — portrayed the........

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