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Trump’s tariff threat is a sign that Canada should be diversifying beyond the U.S.
(theconversation.com)
this post was submitted on 15 Dec 2024
139 points (100.0% liked)
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Oh, great idea. Nobody ever thought of that before.
Honestly? They really didn't. For a while Canada emphasized US trade for security reasons. We really should be developing closer ties to the EU.
Every province and industry has been holding trade missions for decades to diversify markets. It's not that it's easy to disconnect the US apron strings, but it's certainly been at the top of any trade organizations mind since at least the 70s.
Since we've had disputes like softwood lumber and BSE, local value-added chains have been also a massive push to incentivize and fund. Things like packing plants, lumber mills, canola crush plants, mixed product pipelines to the coast, and all the shipping terminals that make that product go away take decades to plan and implement but are another piece of the puzzle of trade independence. Those things have been in the works for a long time and every dispute with the US in the last half century have added momentum to that push.
Yeah, unfortunately basic geography means there's likely a hard limit on how much diversification is realistic.
We absolutely should do everything we can to reduce our reliance on the US, but options become limited once you remove rail and road from the equation.
Plus, we really have not done much infrastructure spending in the last decade. I saw a report that said most of our public infrastructure is 20 to 40 years without significant maintenance. That's horrendous and not helping us diversify at all.