Many people around the globe are watching what is being described as historic developments unfolding in the current American presidential campaign. Canadian Prime Minister Justin Trudeau expressed his disappointment at hearing President Joe Biden’s decision to cease his campaign efforts for re-election. However, Trudeau was pleased to see Biden’s endorsement of Kamala Harris.
Some Canadians in government, in politics, and in business, believe the upcoming U.S. presidential election result might well have more ‘immediate’ economic ramifications outside of the U.S. than any other election in recent memory.
Mark Wiseman is a Canadian businessman, financier and currently the chairman of the Alberta Investment Management Corporation. Wiseman is the former president of the Canada Pension Plan Investment Board, and he is also the former chair of BlackRock Financials’ Global Investment Committee.
Wiseman believes that ‘the world’ is watching how the current U.S. presidential election will unfold very closely. And he says the results of the November election might just have a more ‘immediate impact’ on the world than it will on the United States itself.
“I think this is the most important election for every country in the world, except the United States of America. It matters to us in Canada, it matters to Europe. But if you think about the U.S., imagine the day after the election in November. If Trump’s the president, do market’s move? Probably not. If Harris is the president, do markets move? Probably not. I don’t think that Trump or Harris is going to have a huge difference.”
Wiseman explains what he expects to see from a Harris administration and from a Trump administration through a globalist’s lens in the short-term.
“A Trump presidency probably means an extension of tax cuts, deregulation, increase in tariffs which, by-in-large, is good for business in the U.S. – at least in the short to medium term. A Harris presidency probably continues the path of Biden. More stimulus, increased spending, by-in-large a positive story for business and for markets in the short to medium term. Longer term, bigger issues on either side.”
While there is some support within Canada and other countries for the return of former U.S. president Donald Trump, it is also fair to say that support is not widespread. As an international investment banker, he says the return of a Trump administration will be a challenge for Canada and many other countries.
“We’re more likely to have tariffs. A Trump Administration can be knee-jerk in terms of its reaction. Perhaps unwind all or part of the USMCA, which up for review in 2026. So, I think for Canada, like Europe, like other parts of the world, a Trump presidency’s going to be a big challenge, and I’m not sure we’re ready for it.”