A lot of talk on trade relations between Canada and the United States risks missing the forest for the trees. Understandably, the NAFTA renegotiation is top of mind for folks in trade circles and within these discussions we easily end up focusing on specific trade irritants such as supply management, softwood lumber, wheat grading, rules of origin, and more. These and other trade irritants will always be present between the world’s largest trading partners, but they, and even potential changes to NAFTA, do not present the biggest threat to the Canadian economy today.
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