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Our Statement on Canada’s Ongoing Trade Discussions
The idea behind USMCA is as relevant today as decades ago: build together, benefit from lower prices and more jobs together.
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The idea behind USMCA is as relevant today as decades ago: build together, benefit from lower prices and more jobs together. This is why U.S. business groups, manufacturers, retailers and industry leaders have overwhelmingly called for its continuity. The idea of 100% tariffs undermines the whole agreement, one which this U.S. Administration celebrated 2018-2020.
A recent study by the Kiel Institute for the World Economy found that U.S. consumers and businesses bore about 96% of the cost of tariff increases. These taxes hit America first.
Canada’s government has transparently outlined that the agreement with China is fundamentally about domestic consumers and businesses in Canada and China, not schemes aimed at other markets. At the same time, the U.S. has said it is also pursuing its own new trade engagement with China.
No business can survive forever with one customer. And our global economy is changing. A structured and stable relationship with China or any other country, like our new engagements with Indonesia or the UAE, are not to replace our deeply rooted relationship with the United States that continues to be overwhelmingly good for workers, consumers and North American competitiveness.
We hope the two governments can come to a better understanding quickly that can alleviate further concerns for businesses who face the immediate consequences of torqued up uncertainty.
- Matthew Holmes, Executive Vice President and Chief of Public Policy, Canadian Chamber of Commerce
About the Canadian Chamber of Commerce — The Future of Business Success
The Canadian Chamber of Commerce is Canada’s largest and most activated business network — representing over 400 chambers of commerce and boards of trade and more than 200,000 business of all sizes, from all sectors of the economy and from every part of the country — working to create the conditions for our collective success. The Canadian Chamber of Commerce is the undisputed champion and catalyst for the future of business success. From working with government on economy-friendly policy to providing services that inform commerce and enable trade, we give each of our members more of what they need to succeed: insight into markets, competitors and trends, influence over the decisions and policies that drive business success, and impact on business and economic performance.
Media Contact
Shane Mackenzie
Vice President, Media and Stakeholder Communications
613.302.7683
smackenzie@chamber.ca
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