Trade Relations between U.S. and Canada
President-elect Trump threatens to impose economic pressure against Canada following Canadian Prime Minister Justin Trudeau's announcement of stepping down. The trade relationship between the U.S. and Canada is crucial, with $700 billion worth of goods exchanged in the first 11 months of the previous year. Various products, including crude oil and auto parts, move across the border. While there are trade frictions, economists emphasize the overall lucrative trading partnership.
Key Points
- U.S. and Canada exchange $700 billion worth of goods
- Crude oil is the top import from Canada to the U.S.
- Integrated partnership has grown since NAFTA
Pros
- Strong commercial ties between the two countries
- Significant economic benefits for both nations
- Integration in various industries like oil and auto
Cons
- Trade frictions exist, such as issues with dairy and lumber
- Potential negative impact of tariff threats on both economies