China still only represents five per cent of our exports.
President Donald Trump has vowed to renegotiate NAFTA, which he calls “a disaster.” But before he tears up the trade deal, let’s take a moment to take stock of why NAFTA was created.
The U.S. is considering an import tax, of sorts, that would make U.S. exports more profitable and make imports to the U.S. more expensive.
Market opportunities will improve for Canadian exports, and improved foreign access to Canada’s dairy and poultry sectors will lower costs of these products for Canadian consumers.
China displaces Canada as largest U.S. trade partner (though China’s bragging rights may be short-lived)
Canada remains the United States’ largest export market accounting for almost 19 per cent of U.S. exports, while China accounts for only 7.4 per cent of total U.S. exports.