Harper goes soft
Steven Harper has apparently got a Softwood Lumber deal with the US that he's trying to get approved. So how's our new prime minister doing defending Canadian interests?Shares of Canadian lumber companies dropped Thursday ahead of Mr. Harper's news, as a slew of analysts derided the tentative deal.Not very well it seems.
"The deal is awful. It basically marginalizes the Canadian industry over the next seven years," Richard Kelertas, an analyst at Desjardins Securities, said in an interview.
The Thursday midnight deadline has been artificially created by the Bush administration, who are trying create a sense of urgency in order for Mr. Harper's government to accept a "shitty" deal, Mr. Kelertas said.
BMO Nesbitt Burns analyst Stephen Atkinson said the recouped duty payments are not a "windfall," but rather money that Canadian companies were giving their rivals. "Why would you give 22 per cent to your competition?" he said. "This money belongs to the companies and their shareholders, and the Canadian government is giving it away."
The framework deal negotiated Wednesday is "negative for many of the Canadian producers" said Robert Duncan, an analyst with MGI Securities.
| Posted by dustin on April 28, 2006 with category tags of Canada politics |
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