Canada has spent more than half a century talking about diversifying its trade. Donald Trump’s assault on the Canada-U.S. economic relationship has made the old “Third Option” newly urgent – but the numbers remain sobering. Modelling discussed in this episode suggests that even a successful push would replace less than half the economic activity Canada could lose if CUSMA disappeared.
Senator Peter Boehm and former B.C. cabinet secretary Don Wright join hosts Allan Gregg and Edward Greenspon to ask where Canada should place its bets—and what it must build to get there. They weigh the promise of Europe and the Indo-Pacific, the risks of China, the future of autos and energy, and the ports, pipelines, railways and trade corridors needed to turn agreements into actual trade.
Diversification is essential, but it will take years. To smooth the transition to greater self-reliance, Canada must ironically preserve as much access to the U.S. market as possible.
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