February 27, 1978

LIB

Pierre Elliott Trudeau (Prime Minister)

Liberal

Mr. Trudeau:

Are you not happy that trade is going well?

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
Sub-subtopic:   VALUE OF CANADIAN DOLLAR-REASON FOR DROP IN JANUARY EXPORTS
Permalink
?

Some hon. Members:

Hear, hear!

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
Sub-subtopic:   VALUE OF CANADIAN DOLLAR-REASON FOR DROP IN JANUARY EXPORTS
Permalink
?

Some hon. Members:

Oh, oh!

Topic:   ORAL QUESTION PERIOD
Subtopic:   FINANCE
Sub-subtopic:   VALUE OF CANADIAN DOLLAR-REASON FOR DROP IN JANUARY EXPORTS
Permalink

LEVEL OF CURRENT ACCOUNT TRADE DEFICIT

PC

Sinclair McKnight Stevens

Progressive Conservative

Mr. Sinclair Stevens (York-Simcoe):

Mr. Speaker, my supplementary question is also directed to the Prime Minister. He must feel that the entire nation is filled with Canadians who are naive, when he attempts to give an answer like the one he just gave. My question was with respect to the current account trade deficit. The figures the Prime Minister referred to are the merchandise trade figures, and when an estimated $8 billion of current account deficit is subtracted, one ends up with a $4 billion to $5 billion current account trade deficit.

After explaining that to the Prime Minister, would he indicate whether the current estimate is $4 billion, or is it even

February 27, 1978

Oral Questions

higher with respect to the current account trade deficit, bearing in mind that as our dollar hovers, now, around 89 cents, it is the current account trade deficit which may push it even lower unless the government does something to regain not only domestic confidence but international confidence in Canada's economic future?

Topic:   ORAL QUESTION PERIOD
Subtopic:   LEVEL OF CURRENT ACCOUNT TRADE DEFICIT
Permalink
LIB

Pierre Elliott Trudeau (Prime Minister)

Liberal

Right Hon. P. E. Trudeau (Prime Minister):

Mr. Speaker, I imagine the hon. member is talking about the current account deficit, not about the trade deficit because, as he knows, there is no trade deficit. He is mixing the two terms. He has asked me a question-

Topic:   ORAL QUESTION PERIOD
Subtopic:   LEVEL OF CURRENT ACCOUNT TRADE DEFICIT
Permalink
PC

Sinclair McKnight Stevens

Progressive Conservative

Mr. Stevens:

Tell us about the current account deficit.

Topic:   ORAL QUESTION PERIOD
Subtopic:   LEVEL OF CURRENT ACCOUNT TRADE DEFICIT
Permalink
LIB

Pierre Elliott Trudeau (Prime Minister)

Liberal

Mr. Trudeau:

The figures which alarm the hon. member- one can understand why he is alarmed-show that there was a slight fall in trade performance in January over December.

Topic:   ORAL QUESTION PERIOD
Subtopic:   LEVEL OF CURRENT ACCOUNT TRADE DEFICIT
Permalink
PC

Sinclair McKnight Stevens

Progressive Conservative

Mr. Stevens:

Tell us about the current account deficit.

Topic:   ORAL QUESTION PERIOD
Subtopic:   LEVEL OF CURRENT ACCOUNT TRADE DEFICIT
Permalink
LIB

Pierre Elliott Trudeau (Prime Minister)

Liberal

Mr. Trudeau:

That is something else, Mr. Speaker.

Topic:   ORAL QUESTION PERIOD
Subtopic:   LEVEL OF CURRENT ACCOUNT TRADE DEFICIT
Permalink
PC

Sinclair McKnight Stevens

Progressive Conservative

Mr. Stevens:

Tell us about it.

Topic:   ORAL QUESTION PERIOD
Subtopic:   LEVEL OF CURRENT ACCOUNT TRADE DEFICIT
Permalink
LIB

Pierre Elliott Trudeau (Prime Minister)

Liberal

Mr. Trudeau:

Of course there is a current account deficit. We have said that in the House. We have explained that that is why we are calling on the stand-by credit. That is why we are trying to do something in the tourist area, where we have an enormous current account deficit.

Topic:   ORAL QUESTION PERIOD
Subtopic:   LEVEL OF CURRENT ACCOUNT TRADE DEFICIT
Permalink
PC

Sinclair McKnight Stevens

Progressive Conservative

Mr. Stevens:

How much?

Topic:   ORAL QUESTION PERIOD
Subtopic:   LEVEL OF CURRENT ACCOUNT TRADE DEFICIT
Permalink
LIB

Pierre Elliott Trudeau (Prime Minister)

Liberal

Mr. Trudeau:

I do not know how much tourist deficit there is, but certainly it is a substantial amount. That is why the first ministers and myself, just two weeks ago, undertook to act very seriously in this area.

Topic:   ORAL QUESTION PERIOD
Subtopic:   LEVEL OF CURRENT ACCOUNT TRADE DEFICIT
Permalink
PC

Sinclair McKnight Stevens

Progressive Conservative

Mr. Stevens:

How much is there in the total current account?

Topic:   ORAL QUESTION PERIOD
Subtopic:   LEVEL OF CURRENT ACCOUNT TRADE DEFICIT
Permalink
LIB

Pierre Elliott Trudeau (Prime Minister)

Liberal

Mr. Trudeau:

Mr. Speaker, will the hon. member ask a supplementary question?

Topic:   ORAL QUESTION PERIOD
Subtopic:   LEVEL OF CURRENT ACCOUNT TRADE DEFICIT
Permalink
PC

Sinclair McKnight Stevens

Progressive Conservative

Mr. Stevens:

Answer my question.

Topic:   ORAL QUESTION PERIOD
Subtopic:   LEVEL OF CURRENT ACCOUNT TRADE DEFICIT
Permalink
LIB

Pierre Elliott Trudeau (Prime Minister)

Liberal

Mr. Trudeau:

If the hon. member wants me to answer, Mr. Speaker, he should listen.

Topic:   ORAL QUESTION PERIOD
Subtopic:   LEVEL OF CURRENT ACCOUNT TRADE DEFICIT
Permalink
LIB

James Alexander Jerome (Speaker of the House of Commons)

Liberal

Mr. Speaker:

Order, please. The hon. member for St. John's West.

Topic:   ORAL QUESTION PERIOD
Subtopic:   LEVEL OF CURRENT ACCOUNT TRADE DEFICIT
Permalink

VALUE OF CANADIAN DOLLAR-CONCLUSIONS OF CONFERENCE BOARD OF CANADA

February 27, 1978