U.S. Election Outcome Poised to Impact Canada-U.S. Trade Dynamics

As Canada braces for the 2026 review of the Canada-U.S.-Mexico Agreement, both U.S. presidential candidates propose protectionist policies that could challenge bilateral trade relations.

• Prime Minister Justin Trudeau is preparing for potential trade uncertainties with the U.S., Canada's largest trading partner, depending on the outcome of the upcoming presidential election.
• Both Vice-President Kamala Harris and former President Donald Trump have expressed protectionist trade agendas, which could complicate the review of the Canada-U.S.-Mexico Agreement in 2026.
• Trump's proposed tariffs could significantly impact the Canadian economy, potentially reducing its size by up to one percent, according to the Canadian Chamber of Commerce.
• Harris is expected to continue the protectionist policies of the Biden administration, which may include maintaining existing tariffs and supporting 'Buy American' rules.
• Experts warn that Canada must adapt to a more transactional relationship with the U.S., requiring increased lobbying efforts to safeguard trade benefits.

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