The trade relationship of the United States with Canada is the largest in the world. In 2023, the goods and services trade between the two countries totalled $923 billion. United States exports were $441 billion, while imports were $482 billion. This trade cements a long standing historical bond between our two countries. There are current musings of United States President-elect Donald Trump that he will place tariffs of 25 percent of Canadian exports. Toronto, as the economic engine of Canada, would be severely harmed should arbitrary tariffs be placed on Canadian exports to the United States. As this is likely to trigger retaliation by Canada, a stealth trade war could ensue. Said one expert: “The wasteful effects of protectionism eventually lead to a substantial reduction in the efficiency with which labor is used, leading to a decline of about 0.9 percent of labor productivity after five years. Tariffs also lead to a small and marginally-significant increase in unemployment.” This motion is deemed urgent because the US Presidential Inauguration of January 20, 2025, will be before the next Council meeting.
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