G7 Will Provide More Sound Bytes Than Fireworks Says Kevin O’Leary

Canada will head into the G7 summit this week from a tough position, owing to an uncompetitive economy and a flight of capital out of the country, this according to Kevin O’Leary, Chairman of O’Shares ETFs, and star of the hit T.V. show “Shark Tanks.”
“This has a lot to do with just not being competitive on a tax basis; not being competitive on a carbon tax basis, not being competitive on a corporate tax basis, and then on top of all this you’ve got tariffs coming in,” O’Leary told Kitco News.
On the upcoming G7 summit, the Shark Tank star said that Canada is not going to get much out of the meeting.
“It’s just going to be a bunch of sound bytes. The real call on Canada happened on the pipeline deal,” he said. “Private capital said, we have no interest in investing in this anymore, you can’t get anything done in Canada, the litigation just stymies everything. Even if the government says build the pipeline, you still can’t get anything done.”
Despite capital leaving the country “by the billions,” O’Leary remains optimistic on Canada’s economic prospects.
“If we get a Conservative leadership mandate in Ontario, that’s the manufacturing base of Canada, allocate 1% back to Canada. Number two, if we get a new mandate in Alberta, to a more pro-business, pro-growth [government, allocate 2%. Then wait the next 16 months for the next Federal election,” he said. (show less)

Canada will head into the G7 summit this week from a tough position, owing to an uncompetitive economy and a flight of capital out of the country, this according to Kevin O’Leary, Chairman of O’Shares ETFs, and star of the hit T.V. show “Shark Tanks.”
“This has a lot to do with just not being competitive on a tax basis; not being competitive on a carbon tax basis, not being competitive on a corporate tax basis, and then on top of all this you’ve got tariffs ... (read more)

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