After an election day in the US that stretched out nearly a week, (almost) all of the votes are in and the US President-Elect is Joe Biden. Scotiabank’s Chief Economist Jean-François Perrault returns for the sixth episode of Pandenomics – our podcast series looking at the impact of COVID-19 on the economy – and breaks down the outlook for Canada’s biggest trading partner under Biden as both countries grapple with the pandemic.
Perrault says the potential positives of a Biden presidency include less uncertainty compared to the Donald Trump administration, which is contesting the former US vice-president’s win, and he will likely be more amenable to trade. However, he notes, while Biden’s stance on the Keystone XL Pipeline expansion will be a hurdle for Canada’s oil and gas industry, potential constraints on ability to produce energy south of the border could also lead to higher oil prices and be positive for Alberta.
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Listen to Pandenomics Ep. 5: COVID and real estate, Part 2 here.
Listen to Pandenomics Ep. 4: The COVID housing boom here.
Listen to Pandenomics Ep. 3: COVID-19 and business here.
Listen to Pandenomics Ep. 2: COVID-19's impact on jobs here.
Listen to Pandenomics Ep. 1: COVID-19 and Canada's economy here.
