The uncertainty that continues to impede the U.S. recovery coupled with political gridlock in Washington poses significant economic threats to not only the United States but also countries like Canada that trade with the U.S. However, imbedded within the many layers of risks lies a significant, long-term opportunity for Canada.
On November 6, 2012, the citizens of the United States decided to maintain, essentially, the status quo: they re-elected Barack Obama as President, left the United States House of Representatives solidly in Republican hands, and left the United States Senate under the control of the Democratic Party. But as with all U.S. elections, there are implications for Canada, which, for better or worse, is usually pulled by the tides of American regulation and economic prosperity or the lack thereof.
With Barack Obama earning another four-year term, Canadians can only hope the newly re-elected American president will stay the course in modernizing the Canada-U.S. border and make good on commitments outlined in the Beyond the Border agreements.
One positive sign is the endorsement by Michigan voters of the construction of a second bridge linking Detroit and Windsor. Given the congestion at the Ambassador Bridge, the New International Trade Crossing will provide much needed relief for Canadian and American factories shipping production materials back and forth across the border.