At What Cost? The Economic and Human Costs of Russia’s Invasion of Ukraine
At the five-month mark, the costs of Vladimir Putin’s “special military operation” have soared and spread. The short-term economic costs of the invasion include not only the direct war damage in Ukraine and the immediate consequences of the economic sanctions and counter-sanctions on current economic output in the economies of the combatants, but also […] Vladimir Putin’s $10-trillion war – Financial Post Op-Ed
At the four-month mark, the costs of Vladimir Putin’s “special military operation” have both soared and spread. The war already has moved well up the ranks of the bloodiest modern wars on record, the direct economic costs have mounted steeply, and the spillover effects have gone global.
For Ukraine, the physical damage is now likely on the order of US$150 billion as city after city in the path of Putin’s army is shelled into rubble. Ukraine’s economy will contract by 45 per cent in 2022, based on recent World Bank estimates. This reflects the mass destruction or shutdown of businesses, the blockade of Ukraine’s main export routes through Black Sea ports and the dislocation of one-third of its households and workers. For the…
Jon Johnson – Latest Congressional Carbon Border Adjustment Mechanism Initiative – For Real or for Show?
From: Jon Johnson To: Federal Departments of Global Affairs, Environment, and Natural Resources Date: June 29, 2022 Re: Latest Congressional Carbon Border Adjustment Mechanism Initiative – For Real or for Show? The FAIR Transition and Competition Act introduced last July, which provided for a carbon border adjustment mechanism (CBAM), was never enacted. Four Democratic senators have […] Lawrence Herman – How Canada Can Navigate the New World of Sanctions
From: Lawrence Herman To: Canadians Concerned about Trade Date: June 27, 2022 Re: How Canada Can Navigate the New World of Sanctions It is becoming increasingly challenging for Canadian businesses to navigate the complex web of economic sanctions imposed on Russian oligarchs and state entities because of the Ukraine invasion. This note examines how the Canadian government could do […]Campbell, Pellerin, Farrell – A Roadmap for Trade Law Compliant Border Carbon Adjustments
To: Canadian Trade, Competition and Environment Watchers From: Neil Campbell, William Pellerin and Tayler Farrell Date: June 10, 2022 Re: A Roadmap for Trade Law Compliant Border Carbon Adjustments Interest in Border Carbon Adjustments (BCAs) is accelerating. The European Union proposed a Carbon Border Adjustment Mechanism (CBAM) last July, Canada concluded consultations on BCAs last February, the recent US-EU […] Jon Johnson – Ease Food Inflation Through Generous Administration of Dairy Tariff Rate Quotas
From: Jon Johnson To: Global Affairs Canada Date: June 7, 2022 Re: Ease Food Inflation Through Generous Administration of Dairy Tariff Rate Quotas On May 12, New Zealand formally requested consultations with Canada under the Comprehensive and Progressive Agreement for Trans Pacific Partnership (CPTPP) respecting the administration by Canada of its CPTPP dairy tariff rate quotas […]Le cri des ventres creux – La Presse Op-Ed
Alors qu’on placote autour du BBQ, une bière à la main, s’amène à l’horizon la tempête parfaite pour troubler notre insouciance : une crise alimentaire mondiale.
Les plus fortunés se scandaliseront du prix du bifteck d’aloyau ou du homard, mais pas assez pour s’en priver. Les autres devront se serrer la ceinture et un nombre grandissant iront le ventre vide.
Cette tempête parfaite est la fille des ouragans que nous connaissons bien : la pandémie, la guerre en Ukraine et le réchauffement climatique.
Il y a assez de nourriture pour tous, mais tous ne peuvent se la payer, surtout quand les prix grimpent en flèche.
Depuis le début de la COVID-19, les prix des céréales sont en hausse de 75 % et…
Johnson, Schwanen – Lower Trade Restrictions Would Counter Inflation
From: Jon Johnson and Daniel Schwanen To: Canadians and Americans Concerned About Inflation Date: May 19, 2022 Re: Lower Trade Restrictions Would Counter Inflation Inflation remains on a tear, reaching 6.8 percent in Canada and 8.3 percent in the US in April. Inflation had not been that high in about 40 years, save for a brief […]Lawrence Herman – Russian Sanctions Will Reverberate for Decades
From: Lawrence Herman To: Canadians Concerned About Trade Date: May 12, 2022 Re: Russian Sanctions Will Reverberate for Decades Canadian and American governments announced plans last month to liquidate Russian assets frozen by sanctions and to distribute the proceeds to affected victims and to war-torn countries. As Russia’s brutal ground war grinds on, this is a significant escalation of […]The impact of Russian sanctions will last for decades – Globe and Mail Op-Ed
Last week the Canadian and American governments announced plans to liquidate Russian assets frozen by sanctions and to distribute the funds to affected victims and to war-torn countries. The measures have been devised to inflict even greater penalties on that country as a result of its illegal invasion of Ukraine and the appalling atrocities committed by Russian forces there in recent weeks.
As the ground war grinds on, this is a significant escalation of the parallel sanctions battle, illustrating their ever-expanding reach and presaging long-lasting effects on international business, not only involving Russia but with potential expansion to other places where Western sanctions apply, such as Myanmar, Iran and Syria.
In…
S4 E6: The Economic Consequences of the War in Ukraine
The economic consequences of the Ukraine-Russia War are in the trillions. What does it mean for Canada, energy security and climate change? Dan Ciuriak and Monica Gattinger of the University of Ottawa tell Michael Hainsworth the fall-out has only just begun. While the West unites on Russia, the WTO stands on the sidelines – Globe and Mail Op-Ed
The multilateral trading order was in terrible disrepair long before Russia’s illegal invasion of Ukraine. The Ukraine war has made things much worse, adding tremendous stresses on an increasingly fragile set of international trade rules, personified by the World Trade Organization and the liberal trading order it oversees.
Some of these problems were exacerbated by almost two years of COVID-19 restrictions, causing the cancelling of meetings among WTO members, frustrating progress on several fronts. One example is the postponement of last year’s all-important 12th WTO Ministerial Conference (called MC12), which is now rescheduled for June.
Delayed ministerial gatherings and the need for virtual meetings are, in the end,…