The Urgent Need for Canada to Diversify Its Trade

Tiff Macklem

(U of T News) With the difficult renegotiation of the trade agreement with Canada’s largest trading partner now resolved, it’s time for Canada to get serious about trade diversification.

The experience of renegotiating NAFTA – or USMCA as it is now called – has highlighted Canada’s vulnerability to one dominant trading partner that buys roughly 75 per cent of our exports.

As a country, we should not be in this position. We need to diversify our trade beyond the United States and increase our links to rapidly growing emerging market economies, particularly in Asia, despite the “anti-China” clause in the USMCA.

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