- Joined
- May 30, 2017
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- Political Leaning
- Centrist
The U.S. goods trade deficit with Canada was $11.2 billion in 2016, a 27.7 decrease ($4.3 billion) over 2015. U.S. goods exports to Canada were $266.8 billion, down 4.9 percent ($13.8 billion) from the previous year. Corresponding U.S. imports from Canada were $278.1 billion, down 6.1 percent. Canada was the United States' largest goods export market in 2016.
U.S. exports of services to Canada were an estimated $56.4 billion in 2015 (latest data available) and U.S. imports were $29.0 billion. Sales of services in Canada by majority U.S.-owned affiliates were $134.5 billion in 2014 (latest data available), while sales of services in the United States by majority Canada-owned firms were $89.0 billion.
This citation from the link which I provided above shows that the US is the net beneficiary of US-Canada trade when both Goods and Services are accounted for. The US has an $11.2 billion shortfall in the goods trade but the US has a services trade surplus of between $27.4 Billion US to $45.5 Billion US depending on how you calculate it. This means the US has a net trade surplus of between $16.2 Billion and $34.3 Billion US. Conclusion: the US is eating our lunches but is still not satisfied with its dominant position in our mutual trade. American corporate greed seems to know no bounds.
The situation is made even worse for Canada when one considers the outflows of dividend payments to shareholders in American-owned businesses operating in Canada. And keep in mind that these trade imbalances and capital outflows which Canada bears are being spread over a population about 11% the size of the USA's so the per capita cost of US-Canada trade to Canadians is much more prohibitive than the $11.2 Billion spread over 320 million Americans.
Cheers.
Evilroddy.
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