Today, Chris Forbes, Deputy Minister of the Department of Finance Canada, hosted a briefing with Canadian industry and labour stakeholders and provincial and territorial representatives on Canada-U.S. economic issues. Canada's Deputy Ambassador to the United States of America also joined the call.
During this session, officials provided an update on government actions in response to potential tariffs and other economic actions from the incoming U.S. administration.
Officials underscored that while our collective best interests are served by the ongoing nurturing and development of trade relations, that the Government of Canada is prepared to act swiftly with a comprehensive response in the event that the U.S. government acts to impose tariffs on Canada.
A follow-up briefing will be held next week.
Quick Facts
- The U.S. economic relationship with Canada is a U.S. competitive advantage; Canada is the top customer for U.S. goods and services exports and a critical supplier of goods and services integral to the U.S. economy. Canada buys more U.S. goods than China, Japan, and Germany combined.
- Tens of thousands of jobs on both sides of the border depend on this relationship, and every day over US$2.5 billion worth of goods and services crosses the border.
- Canada is the largest export market for 36 states and is among the top three for 46 states, with 43 states exporting over US$1 billion to Canada every year.
- Canada is the number one supplier of energy to the U.S.; Canadian energy fuels the U.S. economy - our bilateral two-way energy trade totalled US$153.7 billion in 2023.
- Canada provides more of the U.S.'s crude oil imports than Mexico, Saudi Arabia and Iraq combined. In fact, about a quarter of U.S. oil refinery intake originates in Canada.
- Over 35 major electricity transmission lines and 70 oil and gas pipelines cross our shared border, with energy flowing in both directions.
- Canada is a leading supplier to the U.S. of minerals that supply the agriculture, defence, energy, and communications technology industries.
- Canada produces over 60 minerals and metals, including 21 of the 50 minerals listed as critical by the U.S. Geological Survey.
- Canadian-owned businesses in the U.S. employ about 900,000 American workers, with nearly 8 million U.S. jobs tied to trade with Canada.
- Canada is the top U.S. export destination for 50 out of 97 product categories, and imports from Canada feed U.S. industry, making it stronger and more competitive.
- Canada supports U.S. manufacturing as roughly 70 per cent of Canadian goods exports to the United States are used in the production of other goods.
