Boosting trade with a more diverse array of international partners would only plug part of the hole in Canada’s economy if the U.S. were to withdraw from the North American trade pact, says a new Deloitte Canada report.
So Canada must look at measures beyond trade diversification to help make up the difference, such as removing interprovincial trade barriers and fostering new industries, wrote the authors of “Tariffs: A Rough Road Leads to New Destinations,” released Thursday.
It lays out a best- and worst-case scenario for the domestic economy amid the cross-border trade maelstrom.
“What we wanted to do is to get a better picture around what’s the impact
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