Canada needs to diversify its trade, but there’s a problem, Justin Trudeau
This has been a prickly issue that the nation’s leadership has been trying to address for quite some time now.
So, you can imagine how shocked and perplexed Canadians were when Jim Carr was placed as the inaugural minister for the new Department of International Trade Diversification.
Carr had been a vocal proponent of using Canada’s vast and under-utilized oil and gas reserves.
In the last three years, the Canadian government led by Trudeau seems out of ideas on how to deliver diversity with trade.
Rather than being unable to take any coherent steps, they’ve actually gone the extra mile and made things even worse.
The mere fact that facing such a bleak trade diversification future, the government still considered it wise to reject both Enbridge and TransCanada’s Northern Gateway and Energy East projects, should be nothing less than a scandal.
If you wanted this question to be put into an economic or financial aspect, Canada has missed out on $15-$20 billion annually because of Trudeau’s decision not to go ahead with this project. Those figures represent 1% of the entire Canadian economy’s GDP.
Canada’s trade in terms of balance is heavily reliant on its $2 billion a day trade of goods and services with the United States. This is nearly 76% of the Canadian economy’s exports. Trump’s tariffs on Canadian steel and aluminum have put Canada’s economic future in doubt, especially considering its diplomatic row with Saudi Arabia.
For all his promises of being serious about diversifying Canada’s exports and trade, he has so far rejected the shortest and perhaps the most effective way to deal with that issue while offering little to no alternatives.
Thanks to Trudeau’s policies the country is losing diversity on trade every time the PM opens his mouth, it’s an ongoing scandal that needs to be addressed as soon as possible.
Emmy Skylar started working for Debate Report in 2017. Emmy grew up in a small town in northern Manitoba. But moved to Ontario for university. Before joining Debate Report, Emmy briefly worked as a freelance journalist for CBC News. She covers politics and the economy.