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Trump’s tariffs and the case for Canada

Jan 22, 2025
Jim Stanford, a Canadian economist and Director of the Centre for Future Work, discusses the escalating trade tensions between the U.S. and Canada. He highlights Prime Minister Trudeau's plea for cooperation amid proposed 25% tariffs on Canadian imports. Stanford analyzes the intricacies of energy exports and investment ties, revealing how Canadians hold $5 trillion in U.S. assets. He also addresses the ramifications of these tariffs on supply chains and job markets, emphasizing the need for Canada to prepare strategically in the face of unpredictable U.S. policies.
23:38

Episode guests

Jim Stanford

Podcast summary created with Snipd AI

Quick takeaways

  • Canada's energy exports are crucial to the U.S. economy, emphasizing the importance of maintaining a cooperative trade relationship amidst tariff threats.
  • The U.S. has a service sector surplus in Canada that may be adversely affected by tariffs, prompting Canada to consider a digital services tax for fairness.

Deep dives

Canada's Resource Advantages in Trade Negotiations

Canada provides critical resources that the U.S. economy relies on, particularly in energy. The U.S. imports over half of its oil from Canada, significantly more than it does from other global suppliers. Canada offers these energy resources at a discount due to geographical proximity and an established infrastructure designed for efficient transport. This access creates a unique dependence for the U.S., making Canada a vital player in any discussions about tariffs and trade flows.

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