A number of Canadian tech CEOs and investors are part of a group calling for the “immediate recall” of Parliament to face the “uncertainty” presented by economic threats from the US.
An open letter signed by over 100 business leaders demands the immediate resumption of Parliament to ensure the Canadian government can “confront head-on the current crisis and be able to adapt to our new reality and, most importantly, deal productively with the US government.” The letter was sent to Prime Minister Justin Trudeau and leaders of the opposition parties yesterday.
“Can you imagine, if your company were facing an existential crisis, sending a key part of your team on an extended break?”
Andrew Graham
Borrowell
“We are in a period of turmoil and uncertainty,” the letter reads. “We need a strong, empowered, legitimate, and robust government, supported by a sitting and functioning Parliament, to deal with these very grave, complex and delicate matters.”
Signatories of the letter include Canadian tech CEOs and founders such as Fred Lalonde of Hopper, Joanna Griffiths of Knix, Max Lytvyn of Grammarly, John Bianchini of Hatch, Andrew Graham of Borrowell, Cherif Habib of Dialogue, and Liran Belenzon of BenchSci.
Several VCs also signed, including Sophie Forest, managing partner at Brightspark Ventures, Luge Capital co-founder and general partner David Nault, and Two Small Fish Ventures co-founder Allen Lau.
“Canada is facing big challenges including American tariffs and slow growth,” Graham told BetaKit.
“Can you imagine, if your company were facing an existential crisis, sending a key part of your team on an extended break? You’d be called irresponsible, for good reason.”
RELATED: Canadian tech looks to support its own against US tariff threat
According to the Financial Post, John Ruffolo, founder of Maverix Private Equity, and Chris Arsenault, CEO of Inovia Capital, were facilitators of the initiative. Ruffolo told BetaKit that Shahir Guindi, chair emeritus at law firm Osler, Hoskin & Harcourt LLP, was a main organizer of the letter.
“We’re in one of the biggest crises of our time, the future of our country is at stake, and all that we’re saying is ‘get back to work,’” Ruffolo said.
On Jan. 6, Trudeau prorogued Parliament until March 24 and announced he would be stepping down, prompting a Liberal leadership race set to conclude on March 9.
Ending the prorogation would likely result in a no-confidence vote, which could then trigger a federal election before the required date of Oct. 20.
The call to resume Parliament echoes those of Conservative leader Pierre Poilievre and NDP leader Jagmeet Singh, who have both argued that a sitting Parliament is necessary to pass legislation associated with combatting US tariff threats.
The letter warns of “dire economic and other consequences” for Canadians should US tariffs be imposed.
On Feb. 1, US President Donald Trump signed an executive order to implement 25-percent tariffs on virtually all Canadian goods and 10-percent tariffs on Canadian energy. Trudeau pledged to respond with in-kind tariffs on $155 billion of US imports.
After negotiations, the two leaders agreed to a 30-day détente. However, Trump signed another executive order Monday to levy 25-percent additive tariffs on aluminum and steel imports, which are set to go into effect on March 12 and stack on top of other proposed tariffs.
With files from Douglas Soltys. Feature image courtesy Wikimedia Creative Commons under license CC0 1.0.