With the results of the U.S. election now in, business leaders are preparing to discuss implications for the backbone of our economy: Canada-United States trade.
President-elect Trump has campaigned aggressively on trade and tariff policies and reductions in corporate taxes. If enacted, these policies would have dramatic impact on Canadian businesses and our economy. Both sides of the border must stay focused on the fact that our deep trade relationship drives growth, supports jobs, and fuels entire industries.
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- Total trilateral trade between Canada, the U.S., and Mexico hit $1.93 trillion in 2023. This partnership, under CUSMA, supported 17 million jobs in 2022—a 32% jump since 2020.
- If Ontario were a country, it would be the U.S.'s third-largest trading partner — a testament to our reliance on each other.
- Nearly 85% of Ontario’s exports go straight to the U.S., and roughly 77% Canada-wide.
- U.S. trade is valued at more than $500 billion annually. That’s over a million dollars a minute moving across our borders.
- Every day, $320 million in goods flow across the Ambassador Bridge between Windsor and Detroit.
This critical relationship means one in five jobs in Ontario depends on trade with the U.S.—making it the most trade-reliant province in Canada. And it’s only growing. Since CUSMA came into effect in 2020, trade between Canada and the U.S. has surged by 46%.
With tariffs threats, Donald Trump makes a good point on Canada’s complacency
As the incoming U.S. administration seeks to reorder the international economic landscape, Canada didn’t expect to be first in line for the firing squad.
The automotive sector exemplifies our shared prosperity:
- Vehicles are the second largest Canadian export by value at $51 billion in 2023, of which 93 percent was exported to the U.S.
- Together, Canada, the U.S., and Mexico produce 14.8 million cars annually, 17% of the global total. Ontario and Michigan alone generate 22% of North America’s auto output
- Parts cross the border up to eight times before a car rolls off the line, underscoring how tightly our manufacturing sectors are woven
Canada’s aluminum and steel sectors are pillars of the economy, supporting over 130,000 jobs. Ontario leads in steel production, with major hubs in Hamilton and Sault Ste. Marie sending the bulk of these exports to the U.S.
Ontario is a premier source of critical minerals, producing approximately $3.5 billion in critical minerals in 2020.
- Ontario is a net exporter of 9 critical minerals (Cobalt, Indium, Nickel, Niobium, PGE, Selenium, Tellurium, Uranium, Zinc)
- The US is dependent on foreign supply chains for many minerals and has a federal strategy to ensure secure and reliable supplies
