The EU has agreed to 15% tariffs, which are down from 30%, plus the purchase of $750B of US energy, a further $600B investment in the US, and billions in military purchases from the US, in the largest US trade deal ever.
Sadly, this deal now not only puts Canada’s recent energy deal with the EU into question, but it also makes it virtually impossible for Canada to reduce its 35% tariffs down to 15% because Canada cannot offer anything near what the EU has offered in exchange.
With just 4 days remaining until the August 1deadline, Canada has had no communication or insight from its leaders in response to the EU trade deal.
Dr. Sylvain Charlebois of Dalhousie University, better known on Canadian television as The Food Professor, has summed it up best:
“U.S. and EU deal.
Is it diplomatic extortion? You bet. But it’s working.
…and Canada isn’t even close to grasping what’s happening. That’s the sad part. Canada needs to understand its place in the world.”
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Palace Place, 1 Palace Pier Court, and Palace Pier, 2045 Lake Shore Boulevard West, in Humber Bay Shores.
