International Trade and Finance Speech
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International Trade and Finance Speech
In today’s global economy, the United States (U.S.) engages extensively in international trade. Canada is one of the U.S.’s major trading partners with the United States. This paper will present a brief background of Canada’s economy and the main exports and imports between Canada and the U.S. This paper also includes a brief discussion of the exchange rate, such as Canada’s attractiveness as an exporter to the U.S. and a tourist destination to American citizens. Additionally, the paper describes what would happen if the U.S. government were to impose a 40% tariff on Canada’s main export to the U.S.
Background of Canada’s Economy
Canada ranked 9th among the world’s largest economies in the world based on gross domestic product (GDP) (Canada Economy, 2010). Canada’s economic history closely mirrors that of the U.S. Prior to World War II, Canada’s primary production was in agriculture. During the World War II, Canada concentrated on its manufacturing, mining, and services to supply wartime demands so its economy was focused on industry and manufacturing. Canada adopted a market-oriented economy similar to the U.S. The U.S. and Canada have one of the longest common borders in the world, similar business cultures, and intertwined economies.
The U.S. and Canada have entered into several important trade agreements, including the 1989 US-Canada Free Trade Agreement (FTA) and the 1994 North American Free Trade Agreement (NAFTA) (Economy Watch, n.d.). The two countries annually engage in nearly $1 trillion in bilateral investment and trade. The U.S. is Canada’s largest and most important trade partner.
Main Exports to the United States
In 2009, the U.S. imported 75.02% of Canadian exports (Embassy of the United States, n.d.). Canada is the U.S.’s single largest foreign supplier of energy. The major parts of U.S. energy trade with Canada are oil, petroleum, natural gas, uranium, and electricity. In fact,...
In today’s global economy, the United States (U.S.) engages extensively in international trade. Canada is one of the U.S.’s major trading partners with the United States. This paper will present a brief background of Canada’s economy and the main exports and imports between Canada and the U.S. This paper also includes a brief discussion of the exchange rate, such as Canada’s attractiveness as an exporter to the U.S. and a tourist destination to American citizens. Additionally, the paper describes what would happen if the U.S. government were to impose a 40% tariff on Canada’s main export to the U.S.
Background of Canada’s Economy
Canada ranked 9th among the world’s largest economies in the world based on gross domestic product (GDP) (Canada Economy, 2010). Canada’s economic history closely mirrors that of the U.S. Prior to World War II, Canada’s primary production was in agriculture. During the World War II, Canada concentrated on its manufacturing, mining, and services to supply wartime demands so its economy was focused on industry and manufacturing. Canada adopted a market-oriented economy similar to the U.S. The U.S. and Canada have one of the longest common borders in the world, similar business cultures, and intertwined economies.
The U.S. and Canada have entered into several important trade agreements, including the 1989 US-Canada Free Trade Agreement (FTA) and the 1994 North American Free Trade Agreement (NAFTA) (Economy Watch, n.d.). The two countries annually engage in nearly $1 trillion in bilateral investment and trade. The U.S. is Canada’s largest and most important trade partner.
Main Exports to the United States
In 2009, the U.S. imported 75.02% of Canadian exports (Embassy of the United States, n.d.). Canada is the U.S.’s single largest foreign supplier of energy. The major parts of U.S. energy trade with Canada are oil, petroleum, natural gas, uranium, and electricity. In fact,...