A study by the Canadian Centre for Policy Alternatives reveals:
The study, by economist and CCPA Research Associate Jim Stanford, models three scenarios to provide a range of estimates regarding the likely impacts of EU-Canada free trade. In every case, Canada’s bilateral trade balance worsens significantly. The simulations suggest an incremental loss of between 28,000 and 150,000 Canadian jobs.I wish just once Harper would put the Canadian people above his wealthy buddies. They have enough money, already.
Canada already has a large bilateral trade deficit with the EU—$15 billion in goods and close to $4 billion in services, and loses some 70,000 jobs as a result. A free trade agreement would make that imbalance worse, Stanford argues, for three key reasons: Canadian imports from the EU start out much larger than our exports there; Canadian tariffs are substantially higher than EU tariffs (and hence have farther to fall); and the Canadian dollar has recently risen substantially against the euro, making Canadian-made products much less competitive and overwhelming the benefits of tariff reduction on our exports.