This week, newly elected Canadian Prime Minister Justin Trudeau will arrive in Washington for a state visit—a demonstration of the deep ties that connect the United States and Canada—and the first state dinner for a Canadian leader in nearly two decades.
The United States and Canada share a vibrant trade and investment relationship. Canada had long been the largest U.S. trading partner and ranked second last year behind only China. Canada remains the largest U.S. export market for manufactured goods (totalling $246 billion), and Canada is the United States’ third-largest supplier of manufactured goods imports (totalling $208 billion). Cross-border U.S.-Canadian investment remains high, with Canada the largest destination for U.S. foreign direct investment in manufacturing at $107 billion, and Canadian investment in manufacturing in the United States the eighth largest source at $57 billion.
Despite our vast network of commercial ties with Canada, the two countries are facing several priority trade policy and investment issues. As Prime Minister Trudeau and his delegation meet with President Obama and other key U.S. government officials, manufacturers urge them to address these topics as they consider how to further enhance our economic relationship.
Trans-Pacific Partnership (TPP). While the United States and Canada have long shared a deeper trade and investment relationship through the North American Free Trade Agreement (NAFTA) and the predecessor U.S.-Canada Free Trade Agreement, the two countries can further deepen ties by working together to advance the TPP that was signed by both governments and the other 10 TPP partners on February 3. While the Trudeau government is still undertaking a full review and the Obama administration is engaging with key stakeholders to address outstanding concerns raised by the NAM and others, it is important for the United States and Canada to move the TPP forward to improve manufacturers’ competitiveness in the important—and growing—Asia-Pacific region, including by addressing key issues important to manufacturers.
Read More
