“It is a vast overstatement to say the TPP grants Canada new access to Pacific Rim countries.”
- Canada–TPP trade is unbalanced: 90% of Canada’s top 25 exports are primary commodities (copper, seeds, pork, coal and lumber) while 93% of Canada’s top 25 imports are more sophisticated manufactured goods (auto, auto parts, transmissions, telephones and printing machines).
- The TPP could damage Canada’s high-tech industries: Japan’s imports of high-tech products would face reduced Canadian tariffs whereas Canadian exporters would not receive corresponding benefits, since Japan currently does not apply tariffs on imports of advanced goods.
- The TPP would substantially erode the ability to actively support the development of strategic sectors, potentially undermining the Trudeau government’s commitment to diversify the Canadian economy.
- Indirect impacts of lowering tariffs could result in Canadian exports to the U.S., which currently face no tariffs via NAFTA, becoming less competitive relative to tariff-reduced imports to the U.S. from lower-production-cost TPP countries.
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