Fact Sheet and Speech Notes
- We’ve created the largest free trade area in the world, a trading bloc that links over 480 million people producing nearly $21 trillion worth of goods and services each year.
- The three NAFTA partners account for 28 per cent of the world’s GDP with less than 7 per cent of the world’s population.
- Under NAFTA, annual two-way trade between Canada and the U.S. has more than doubled to $703 billion. Trade between the three members quadrupled to $1.47 trillion.
- More than $3 billion of trade takes place every day between the U.S. and its NAFTA trading partners.
- About 9 million jobs in the U.S. are dependent on trade and investment with Canada. Another 5 million jobs are dependent on trade and investment with Mexico. Jobs generated by trade and investment pay on average 18 per cent more than jobs with companies that focus exclusively on the domestic market.
- 400,000 people cross the Canada–U.S. border daily.
- Canada ships about 3.8 million barrels of crude oil to the U.S. every day.And, every day the U.S. exports 412,000 barrels of crude the other way supplying 54 per cent of Canada’s total imports shipped mainly to refineries in Eastern Canada.
- Saskatchewan supplies more oil to the United States than Kuwait.
- Uranium from Saskatchewan powers about one in 19 homes in the U.S.
- We’re an important market for U.S. goods.Canada is the largest export market for 36 states and the second largest for 8 states.(See Appendix C)
- The Government of Canada has collected 140 examples covering every state benefitting because of economic connections with Canada: http://international.gc.ca/world-monde/united_states-etats_unis/business_fact_sheets-fiches_documentaires_affaires.aspx?lang=eng
- Our economies are integrated.It’s estimated that about 50 per cent of U.S. trade with Canada and Mexico takes place between related companies.The resulting specialization has boosted productivity in all three countries and made all three countries more competitive.
- For every dollar of goods Canada exports to the U.S., there is 25 cents worth of American inputs in those Canadian products.By comparison, there are just four cents of U.S. inputs in every dollar of goods imported from China, and just two cents in Japanese products.
- At Waterloo, Iowa, there is a John Deere tractor factory.Some of the tractors made at Waterloo are sold in Saskatchewan, where they’re used in the production of oats.A portion of those Saskatchewan oats are shipped back to Iowa, to Cedar Falls, where they’re used to make food such as Cheerios and Quakers Oats.Last year, Iowa exported $468 million worth of goods to Saskatchewan.Saskatchewan shipped $481 million worth of goods the other way.That’s integrated, balanced trade.And that’s just one province and one state…multiply that by nine other provinces and 49 other states and you get the most successful trading relationship in the world.
- A 2017 report conducted by the Centre of Policy Studies at Victoria University (Australia) found that eliminating Buy America provisions would increase U.S. jobs by 306,000 and increase U.S. GDP by $22 billion. Job and export gains are across industries, including a 40% boost for manufacturing industries. All 50 states and 430 out of 436 congressional districts would gain jobs.
- Research from the U.S National Association of Home Builders found that for every $1,000 (US) increase in house prices (due to higher lumber costs including SLA tariffs) 153,000 American families are priced out of purchasing a home.The same research suggests a 25 percent lumber duty could cost 8,000 construction jobs.
Sources include: Global Affairs Canada, America Chamber of Commerce in Canada, Forbes, thebalance.com.
