{"id":173401,"date":"2025-04-06T10:08:06","date_gmt":"2025-04-06T10:08:06","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/real-estate\/march-28th-market-update-times-colonist\/"},"modified":"2025-04-06T10:08:06","modified_gmt":"2025-04-06T10:08:06","slug":"march-28th-market-update-times-colonist","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=173401","title":{"rendered":"March 28th \u2013 Market Update \u2013 Times Colonist"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div id=\"\">\n<p class=\"text-center italic mt-8 mb-4\">Thank you to the Victoria newspaper (Times Colonist) for continuing to express various submissions of complaint about Bill 7. Important to be informed.<\/p>\n<div class=\"bg-gray-50 p-4 rounded-lg shadow mb-6\">\n<p class=\"mb-4\">Bill 7 would give the cabinet powers to react to challenges from the actions of a foreign jurisdiction, or for a purpose \u201csupporting the economy of British Columbia and Canada\u201d without requiring debate in the legislature.<\/p>\n<\/div>\n<div class=\"bg-gray-50 p-4 rounded-lg shadow mb-6\">\n<h2 class=\"text-xl font-semibold text-left mb-6\">Rational oversight needed for Eby<\/h2>\n<p class=\"mb-4\">Proposed legislation in British Columbia to give the cabinet sweeping powers to respond to threats from foreign governments amid Canada\u2019s tariff fight is \u201ca step in the wrong direction for democratic institutions,\u201d the president of the provincial chamber of commerce says.<\/p>\n<p class=\"mb-4\">Fiona Famulak becomes the latest to voice concerns over legislation tabled this month that the provincial government says it needs to respond to U.S. President Donald Trump.<\/p>\n<\/div>\n<div class=\"bg-gray-50 p-4 rounded-lg shadow mb-6\">\n<p class=\"mb-4\">In a letter to Premier David Eby and Attorney General Niki Sharma released Wednesday, Famulak said the legislation known as Bill 7 lacks \u201cguardrails\u201d and allows the government to make nearly any change it wants to provincial laws \u201cwith the stroke of a pen.\u201d<\/p>\n<p class=\"mb-4\">\u201cAs a nation, we universally decry the progression towards authoritarian rule through decree by the executive branch of the United States. There is no justification for taking similar steps here in British Columbia or Canada,\u201d Famulak said.<\/p>\n<p class=\"mb-4\">\u201cBy not being accountable to the legislature, government is requiring that we move forward on faith and trust alone. This is neither sufficient nor acceptable.\u201d<\/p>\n<\/div>\n<div class=\"bg-gray-50 p-4 rounded-lg shadow mb-6\">\n<p class=\"mb-4\">Famulak said the organization, which represents 36,000 businesses in the province, is concerned the legislation would allow government to remove or impose new conditions on existing licences or permits if it believes the action would support the economy, throwing business operations into flux.<\/p>\n<p class=\"mb-4\">The bill also includes sections that would give cabinet the power to implement charges on vehicles using B.C. infrastructure, allow the politicians to make directives about public-sector procurement, and eliminate provincial trade barriers by allowing goods produced, manufactured or grown elsewhere in Canada to be sold or used in B.C.<\/p>\n<\/div>\n<div class=\"bg-gray-50 p-4 rounded-lg shadow mb-6\">\n<p class=\"mb-4\">Ravi Kahlon, chair of B.C.\u2019s cabinet committee on tariff response, said in a statement Thursday that they are hearing some concerns and questions about specific details of the bill and are talking to government partners now.<\/p>\n<p class=\"mb-4\">\u201cWe want to address any concerns and ensure B.C. is prepared to act with urgency to respond directly to Trump\u2019s actions and protect B.C. businesses and jobs \u2014 as people expect us to do. This may mean additional guardrails,\u201d his statement said.<\/p>\n<\/div>\n<div class=\"bg-gray-50 p-4 rounded-lg shadow mb-6\">\n<p class=\"mb-4\">Famulak said the chamber \u201cwholeheartedly\u201d endorses the removal of interprovincial trade barriers as part of the government\u2019s response to the \u201cunjustified and counterproductive tariffs.\u201d<\/p>\n<p class=\"mb-4\">After praising the legislation\u2019s focus on internal trade when it was released, the Greater Vancouver Board of Trade issued a letter the next day calling for the separation of the internal trade section from the rest of the bill.<\/p>\n<p class=\"mb-4\">\u201cThe other parts of Bill 7 are truly unprecedented in scope, including the sweeping powers that would be conferred to the cabinet,\u201d president Bridgitte Anderson said in her letter.<\/p>\n<p class=\"mb-4\">\u201cWhile it\u2019s clear Trump\u2019s trade war has spurred an economic emergency, it is not clear to us that the sweeping powers are required or justified.\u201d<\/p>\n<\/div>\n<div class=\"bg-gray-50 p-4 rounded-lg shadow mb-6\">\n<p class=\"mb-4\">When the bill was tabled, Eby said Trump is \u201cunpredictable\u201d and \u201cerratic\u201d and the province needs to be able to move quickly to minimize damage from his actions.<\/p>\n<p class=\"mb-4\">\u201cWhen there\u2019s an emergency, like a natural disaster, we have these authorities. This is a human-caused disaster,\u201d he said.<\/p>\n<p class=\"mb-4\">The legislation comes with a 2027 sunset clause and requires that the government report on its actions.<\/p>\n<\/div>\n<div class=\"bg-gray-50 p-4 rounded-lg shadow mb-6\">\n<p class=\"mb-4\">Trump has placed and then paused 25 per cent tariffs on Canadian goods since he became president, and on Wednesday signed an order that would put a 25 per cent tariff on automobile imports to the United States starting next week.<\/p>\n<p class=\"mb-4\">On April 2 he is set to implement what he calls \u201creciprocal\u201d tariffs by raising U.S. duties to match the tax rates that other countries charge on imports.<\/p>\n<p class=\"mb-4\">B.C.\u2019s government has said a 25 per cent tariff on Canadian goods and a similar response from Canada would cumulatively cost the province $69 billion in lost GDP if the trade war lasts the entire four years of the Trump presidency.<\/p>\n<\/div>\n<div class=\"bg-gray-50 p-4 rounded-lg shadow mb-6\">\n<p class=\"mb-4\">Concerns about the provincial legislation have also been raised by the Independent Contractors and Businesses Association, which called the bill an unprecedented attempt to concentrate power in the hands of the premier that must be stopped.<\/p>\n<p class=\"mb-4\">The Justice Centre for Constitutional Freedoms said the bill \u201cerodes the distinction between the legislative and executive branches of government in British Columbia, thereby putting pressure on the constitutional principle of the separation of powers.\u201d<\/p>\n<\/div>\n<div class=\"bg-gray-50 p-4 rounded-lg shadow mb-6\">\n<p class=\"mb-4\">Politicians return to Victoria next week and the bill is expected to be a major test for Eby\u2019s government, which holds a majority of only one seat.<\/p>\n<p class=\"mb-4\">The BC Green Party, which signed a confidence agreement with Eby\u2019s New Democrats, said its representatives continue to meet with the government this week over Bill 7.<\/p>\n<p class=\"mb-4\">Interim Green Leader Jeremy Valeriote said in a statement last week that Bill 7 in its current form has \u201cvague wording\u201d and \u201ccould allow for sweeping economic decisions without clear limits or transparency.\u201d<\/p>\n<\/div>\n<div class=\"text-sm text-gray-600 mt-4\">\n<p>This report by The Canadian Press was first published March 27, 2025.<\/p>\n<p>Ashley Joannou, The Canadian Press<\/p>\n<\/div>\n<\/div>\n<p><script>(function() {\n  var _fbq = window._fbq || (window._fbq = []);\n  if (!_fbq.loaded) {\n    var fbds = document.createElement('script');\n    fbds.async = true;\n    fbds.src=\"https:\/\/connect.facebook.net\/en_US\/fbds.js\";\n    var s = document.getElementsByTagName('script')[0];\n    s.parentNode.insertBefore(fbds, s);\n    _fbq.loaded = true;\n  }\n  _fbq.push(['addPixelId', '519719288138998']);\n})();\nwindow._fbq = window._fbq || [];\nwindow._fbq.push(['track', 'PixelInitialized', {}]);\n<\/script><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Thank you to the Victoria newspaper (Times Colonist) for continuing to express various submissions of complaint about Bill 7. Important to be informed. Bill 7 would give the cabinet powers to react to challenges from the actions of a foreign jurisdiction, or for a purpose \u201csupporting the economy of British Columbia and Canada\u201d without requiring [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[99],"tags":[25958,62360,7095,11209,4319,4238],"dealstore":[],"offerexpiration":[],"class_list":["post-173401","post","type-post","status-publish","format-standard","hentry","category-real-estate","tag-28th","tag-colonist","tag-march","tag-market","tag-times","tag-update"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>March 28th \u2013 Market Update \u2013 Times Colonist - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=173401\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"March 28th \u2013 Market Update \u2013 Times Colonist - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"Thank you to the Victoria newspaper (Times Colonist) for continuing to express various submissions of complaint about Bill 7. 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