Many of us in the Great White North have been watching that provision with interest as it makes its way through the legislative process.
I am not sure that everybody really understands what it would mean in practice. It would mean the start of a trade war, at least in some quarters. Nobody would win.
The good news is that Obama has sent several signals that he does not support the provision, so we will see what the final package looks like.
Out of interest: - 25% of US exports are purchased by Canada
- Canada shipped $6 billion in steel to the US last year. Meanwhile, Canada imported $7.3 billion in steel from the US.
- Trade with Canada is tied to 5.2 million US jobs, from a 2003 study.
- Integrated Canadian-US industries include the automobile industry, the industrial machinery industry, the food industry, and the telecom equipment industry.
- Violation of the North American Free Trade Act would be bad for both countries. NAFTA provisions include guaranteeing that Canadian crude and hydro power flow south.
It will be interesting to watch how it plays out. It is the one of the top stories on our news every day now.
__________________
2007 X3 3.0si, 6 MT, Premium, White
Retired:
2008 535i, 6 MT, M Sport, Premium, Space Grey
2003 X5 3.0 Steptronic, Premium, Titanium Silver
2002 325xi 5 MT, Steel Grey
2004 Z4 3.0 Premium, Sport, SMG, Maldives Blue
|