Meeting offers comfort for Corporate Canada
The positive tone on trade struck on Monday by Prime Minister Justin Trudeau and U.S. President Donald Trump is providing some measure of comfort within Corporate Canada.
Derek Nighbor, chief executive of the Forest Products Association of Canada, says he was encouraged by Trump’s comments that he would only be “tweaking” the North American Free Trade Agreement with Canada and is more focused on resolving trade issues with Mexico.
Nighbor says all industries in Canada are looking to remind the U.S. of the importance of trade and he was pleased to see Trudeau deliver a similar message in Washington.
A joint statement released by Canada and the U.S. affirmed the “profound shared economic interests” between the two countries and the $2 billion in two-way trade flowing across the border daily.
Avery Shenfeld, chief economist at CIBC Capital Markets, said in a note that Trump’s comments on NAFTA should give some comfort to Canadian economy watchers.
Shenfeld did, however, point out that the issue of a border tax on imports to the U.S., which could prove disruptive to a wide range of industries, was not mentioned by either Trump or Trudeau.