You see Canada relies immensely, almost entirely, on trade with the United States of America to drive our economy. According to the Canadian government 80% of our exports go to the USA and at over 22% of their exports we are their largest customer. This represents OVER 2 BILLION DOLLARS A DAY worth trade!
I don’t expect Barack Obama to slam the doors shut today just because he was elected. But he’s definitely on the protectionist side of the fence. In USA Today Obama is quoted as saying “well, I don’t think NAFTA has been good for America – and I never have.”
The economy is chilling, recessions are coming or starting around the globe, and almost everywhere in the world people are looking to America’s new leader, a protectionist leader, to save the world! I find that rather ironic.
I hope the sake of Canada that Barack’s advisors and his cabinet prevent him from closing the borders or initiating any restriction on Canada-US trade. But I fear that because he is the first black president and everyone’s so emotional about it he will face less criticism and debate.