RBC’s McKay: ‘The world wants what Canada can provide’
RBC PHOTO
Amid growing global uncertainty, Royal Bank of Canada is sounding a note of caution on emerging trade barriers and their potential impact on small and mid-sized businesses. Speaking at a recent investor event, the bank’s chief executive officer warned new global tariffs could disrupt supply chains, raise costs, and threaten jobs across industries.
“In the world around us, we’re seeing some of the biggest changes to global trade since the 1930s,” Dave McKay, President & Chief Executive Officer, told the 156th Annual and Special Meeting of Royal Bank of Canada. “The implementation of global tariffs could impact jobs and may hurt affordability for workers and families everywhere, and many small and mid-sized businesses will be put at risk as the cost of doing business goes up.”
On Canada’s long-term prospects, McKay said, “The world wants what Canada can provide in great abundance. Canada can feed and fuel the growing world, and be a leader in sectors like energy, agriculture, critical minerals, advanced manufacturing and technology.”
However, he said realizing that potential will require policy and investment shifts: “That means eliminating barriers to growth and productivity, getting energy and infrastructure projects approved more quickly, supporting home-grown talent, and unlocking more capital to scale our best engines of economic growth.”
