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What will be the impact of the August 2024 rail shutdown on Canadian GDP growth in 2024?
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Canadian•Canadian National Railway•CN•Canadian Pacific Kansas City•CPKC•Teamsters Canada Rail Conference•Canada•United States•Justin Trudeau•Chrystia Freeland•Labour•Steve MacKinnon
Resolution / Starting Odds
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Official economic reports from the Canadian government or major financial institutions
Story
Canadian Government Ends Rail Shutdown with Binding Arbitration Less Than One Day After It Started
Aug 22, 2024, 08:07 PM
The Canadian government has intervened to end a labor dispute that halted operations at the country's two largest railways, Canadian National Railway (CN) and Canadian Pacific Kansas City (CPKC), less than one day after it started. The dispute, involving the Teamsters Canada Rail Conference, led to a nationwide rail shutdown, threatening significant economic disruption in both Canada and the United States. Prime Minister Justin Trudeau and Finance Minister Chrystia Freeland had urged the parties to find a resolution, emphasizing the potential economic damage. With negotiations at an impasse, Labour Minister Steve MacKinnon ordered binding arbitration to resolve the conflict, allowing freight trains to resume operations.
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