China’s latest trade attack, this time on exports of Canadian meat, is a fresh warning of the current volatility in global commerce.
As the world’s largest trading nations gather at the G20 summit in Japan this week, there have been stern warnings that a failure to resolve the tariff dispute between the United States and China will have a dire effect on the entire global economy.
But despite repeated warnings of trade Armageddon, the North American economy has shown itself to be surprisingly resilient and the latest economic indicators tell us that Canada is actually doing quite well.
And as painful as it is for Canadian producers that have benefited from the Chinese market, the dark cloud of politically motivated trade action may have a silver lining.
For one thing, it tells Canadian exporters that China, willing to cast aside a long, close trading relationship in favour of short-term political bullying, may not be a reliable trade partner. It is a reminder that, for Canada, exports to China are by no means the only game in town.