Cost of landing on Saudi Arabia’s bad side will be big

News of Canada’s apparent ejection from the list of countries that stand to benefit from Saudi Crown Prince Mohammed Bin Salman’s largesse reminded me of something that Stephen Poloz, the Bank of Canada governor, said last month.

It was from his interview with the Financial Post. I had asked Poloz if he thought Canadian aluminum and steel exports might push through U.S. duties the same way lumber shipments had? He surprised me by saying the issue was bigger than that. “It could be...

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