U.S. interest rate hike would be good news for Canada, finance minister Bill Morneau says at G7 talks

, Crisis

Rising odds of a rate hike means the economy of Canada’s closest trading partner is improving, says Bill Morneau, as he meets with global finance ministers in Japan.

SENDAI, Japan — Recent comments from U.S. Federal Reserve officials that interest rates are likely to rise are welcome because that suggests the U.S. economy is improving, Canadian finance minister Bill Morneau said on Friday.

A healthy U.S. economy is sure to benefit Canada because of the close trading relationship between the neighbours, Morneau told Reuters in an interview at a Group of Seven (G7) finance meeting in Sendai, in Japan.

Canada is clearly worried about turmoil that could ensue if Britain were to leave the European Union but had not discussed specific steps it could take if Britain voted to leave the bloc next month, Morneau said.

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