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CIBC Economics

Given the recent announcement that tariffs will be levied on Canadian goods that are sent to the U.S., now is the time to try and seek greater diversification in our trade.
Doing so will be easier said than done, though, particularly in certain industries.
Energy, for example, we will require a new pipelines to be built to take oil to customers elsewhere in Canada and to other international markets.
The good news, though, is that we have seen historically certain sectors have been able to achieve greater diversification than what we are seeing today.
Industrial machinery, for example, forestry products.
Those are two sectors where diversification has been achieved in the past, and the hope is that we can replicate that again in the future.
Doing so will require the reestablishment of trade links with customers in Europe and Asia, and that can and should be done over the next few years.
The time is now, given the fact that we have these tariffs applied on us to seek this greater diversification again.

Trading smarter: why Canada must look beyond the U.S.

CIBC Economics

Andrew Grantham

Senior Economist

CIBC