Derek H. Burney: Seven ways for Canada to meet its trade challenges
The Trump administration’s open disdain for many multilateral institutions is most evident on global trade. Because Donald Trump still believes that the rest of the world is “ripping off” the U.S., his administration has severely restricted the WTO’s ability to safeguard the rule of law on trade by refusing to name panellists to its dispute settlement mechanism, even though American interests have prevailed in more than 90 per cent of the WTO’s recent rulings.China, the No.
Similarly, chronic complaints from Democratic Sen. Chuck Schumer, the Senate minority leader, about Canadian dairy policy should be rebuffed firmly. Canada made modest concessions on dairy in the NAFTA renegotiation and should abide by them, nothing more. These attacks are regrettably a harbinger of what to expect should the administration change in November. We should stand firm. The best antidote to American protectionism would be a robust V-shaped economic recovery — the sooner, the better.
The story emerging about how hacking and poaching of advanced technology by China contributed to the demise of Nortel makes sombre reading. We should be much better prepared to counter such threats in future. We must also be more deliberate in joining sanctions against China for its repressive moves against Hong Kong. Like Britain, Canada should extend a welcome hand to Hong Kong refugees. We should also nimbly expand relations with Taiwan.
We cannot isolate or immunize ourselves from what will soon be the world’s largest economy. Mutual self-interest obliges us to gauge cautiously the prospects for a pragmatic yet limited relationship, proceeding, as the adage about how porcupines mate suggests, “Very carefully!”Memories of the Great Depression in the 1930s should be a blunt reminder of the perils of protectionism but, as nations seem intent on demolishing much of their history, many may not have learned that lesson. If the U.S.
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