OTTAWA, Canada – Chris Forbes, deputy minister of the department of finance Canada, hosted a briefing with Canadian industry and labour stakeholders and provincial and territorial representatives on Canada-US economic issues. Canada’s deputy ambassador to the United States of America also joined the call.
During this session, officials provided an update on government actions in response to potential tariffs and other economic actions from the incoming US administration.
Officials underscored that while our collective best interests are served by the ongoing nurturing and development of trade relations, that the government of Canada is prepared to act swiftly with a comprehensive response in the event that the US government acts to impose tariffs on Canada.
Quick facts
- The US economic relationship with Canada is a US competitive advantage; Canada is the top customer for US goods and services exports and a critical supplier of goods and services integral to the US economy. Canada buys more US goods than China, Japan, and Germany combined.
- Tens of thousands of jobs on both sides of the border depend on this relationship, and every day over US$2.5 billion worth of goods and services crosses the border.
- Canada is the largest export market for 36 states and is among the top three for 46 states, with 43 states exporting over US$1 billion to Canada every year.
- Canada is the number one supplier of energy to the US; Canadian energy fuels the U.S. economy – our bilateral two-way energy trade totalled US$153.7 billion in 2023.
- Canada provides more of the US’s crude oil imports than Mexico, Saudi Arabia and Iraq combined. In fact, about a quarter of US oil refinery intake originates in Canada.
- Over 35 major electricity transmission lines and 70 oil and gas pipelines cross our shared border, with energy flowing in both directions.
- Canada is a leading supplier to the US of minerals that supply the agriculture, defence, energy, and communications technology industries.
- Canada produces over 60 minerals and metals, including 21 of the 50 minerals listed as critical by the US Geological Survey.
- Canadian-owned businesses in the US employ about 900,000 American workers, with nearly 8 million U.S. jobs tied to trade with Canada.
- Canada is the top US export destination for 50 out of 97 product categories, and imports from Canada feed US industry, making it stronger and more competitive.
- Canada supports US manufacturing as roughly 70 per cent of Canadian goods exports to the United States are used in the production of other goods.
Related link
Meanwhile, minister Mary Ng strengthens cross-border trade relations during visit to New Jersey and New York.
During her trip, minister Ng met with business leaders and state government officials. They discussed the enduring strength of the trade relationship between Canada and the United States.
Minister Ng reiterated the economic and security benefits of the partnership between Canada and the United States. She highlighted that Canada is a major supplier of, and the top customer for, goods and services from both New Jersey and New York State. She reaffirmed Canada’s commitment to free trade and collaboration with the United States.
“Canada and the United States share a deep and enduring partnership built on a history of collaboration in trade and security. Our commitment to each other’s prosperity remains unwavering, as we recognize that our shared success—whether in goods and services, energy, or critical minerals—strengthens both of our nations and reinforces our collective resilience in a competitive global economy,” said minister Ng.
Quick facts
- In 2023, the value of trade between Canada and the United States reached a record $1.3 trillion.
- Canada is the top export destination for 36 US states, including New York and New Jersey.
- Roughly 70 percent of US imports from Canada are incorporated into US supply chains.
- In Canada, more than 2.4 million jobs depend on exports to the United States.
- In 2023, Canadian companies employed more than 850,000 workers in the United States and nearly 8 million US jobs were related to trade with Canada.
- In New York State and New Jersey alone, 1,138 Canadian-owned companies employ almost 100,000 workers.
The post Canada launches weekly briefings with industry stakeholders on Canada-US economic relationship appeared first on Caribbean News Global.
