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Foreign trade has always been a huge part of Canadas economy It contributes to 40 or 50 of the countrys total employment and income Weather it be directly through trade goods or indirectly through transport and packaging companies With these trade lines free of barriers One of Canadas major trading partners is the United States of America The USA receives close to 75 of all goods and services exported On the other side of the coin 70 of all of Canadas imports come from the US If something was to happen to this trade route Canada economically would suffer immensely Free trade was a concept set by the French physiocrats to outline principals in international trades they assured that nations should specialize in producing and exporting goods that they were most efficient at manufacturing and import goods that they were less efficient in producing This economic law would let all nations benefit if there were no barriers to the exchange of goods Free trade established an agreement on general tariffs and trade between the two countries The use of free trade between the United States and Canada has benefitted the Canadian economy Canada almost depends on the US market for its trade Without the US market Canada would as a trading nation be in serious trouble With 75 of all exports being sent their Canada was at the mercy of US tariff policies When a new tariff was placed on an export Canadians had little choice but to pay the new tax If they refused to pay and try and sell their products elsewhere they would have a difficult time New transport costs would have to be added onto the already expensive goods and that would make it very uncompetitive on the foreign market Early on Canada had a trade surplus with the US So to get back for the trade deficit the government would put heavy taxes on many imports These
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