The bad news for Canada’s economy is only getting worse.
CN Rail confirmed our faltering economy — aided by Donald Trump’s trade war with China and China’s hard-nosed approach to Canadian exports over the house arrest of a top Huawei executive at the behest of the U.S. — has begun cutting back freight volumes and laying off upwards of 1,600 workers.
This was seen coming, of course, when CN’s chief financial officer, Jean-Jacques Ruest, put out a public warning in September that some of his company’s rails were a little dodgy.
But the October federal election barely mentioned the fragility of our nation’s economy, or the bad financial news from CN.
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