(NAFB) Taking a page from Prime Minister Mark Carney’s playbook, the head of the Bank of Canada also thinks that Canada has waited far too long to reduce its economic dependence on the United States. Tiff Macklem was in Saskatchewan to promote global trade opportunities to Western Canadian business leaders.
To break free of its reliance on the U.S. economy, Macklem is arguing that Canadian business needs to diversify its markets, and to develop new opportunities for its products and services.
Canada’s top economist went on to say that the world has changed over the past 25 years. The U.S. is no longer the single largest market. It is one of the top three markets on the planet, with China and the European Union closing in on the top-spot position. And Macklem is seeing signs that Canadian businesses are making stronger efforts to find new markets, and Canadian importers are looking for new suppliers as well.
That said, Macklem admitted that he thinks the United States will likely be Canada’s largest trading partner, at least for the foreseeable future.
Canada’s largest long-term concern is that President Trump’s tariff agenda will become entrenched. If that is the case, Bank of Canada Governor Tiff Macklem believes that trade diversity away from the U.S. is a necessity for future prosperity. And, if Canada continues to tie its fortunes to the United States, under an ongoing tariff regime, the Canadian economy will only stagnate.
Again, that’s Bank of Canada Governor Tiff Macklem.
