{"id":34315,"date":"2023-05-15T17:11:34","date_gmt":"2023-05-15T17:11:34","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2023\/05\/15\/why-canada-has-leverage-as-china-relations-sour\/"},"modified":"2023-05-15T17:11:34","modified_gmt":"2023-05-15T17:11:34","slug":"why-canada-has-leverage-as-china-relations-sour","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2023\/05\/15\/why-canada-has-leverage-as-china-relations-sour\/","title":{"rendered":"Why Canada has leverage as China relations sour"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<h2 class=\"visually-hidden\">Breadcrumb Trail Links<\/h2>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\"> Economy <\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\"> The truth is neither country is critical to each other <\/p>\n<div class=\"article-meta\">\n<p> <span class=\"published-date__since\">Published May 15, 2023<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">3 minute read<\/span> <\/p>\n<\/p><\/div><\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Canadians buy a lot of stuff from China, but our businesses have struggled to benefit and there\u2019s little cross-border investment. <\/span> <span class=\"credit\">Photo by Getty Images<\/span> <\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">The Canadian government\u2019s recent acknowledgment that it\u2019s weighing economic considerations in its tit-for-tat feud with China over foreign interference has evoked an array of reactions.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment3180783776017719389999920259792896\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment3180783776017719389999920259792896\">Advertisement 2<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article 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comments.<\/li>\n<li>Enjoy additional articles per month.<\/li>\n<li>Get email updates from your favourite authors.<\/li>\n<\/ul>\n<\/div><\/div>\n<\/header>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Some saw it as an unprincipled concern that cheapens the seriousness of the matter. Others feel Prime Minister Justin Trudeau is right to proceed with caution to mitigate any economic fallout.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot6 article-content__widget-group--newsletter-slot\">\n<section aria-labelledby=\"FinancialPostTopStories8427577887755433833932195356475392\" class=\"newsletter-widget fp-headlinenews background--primary-light-gradient\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Financial Post Top Stories Banner\" class=\"newsletter-widget__banner\" height=\"60\" loading=\"lazy\" fifu-data-src=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/dcs-media\/images\/2023\/2\/3\/1675439373753-fp-topStories-signupBanner-01302023.jpg?ssl=1\" width=\"97\"\/><\/p>\n<div class=\"newsletter-widget__body\">\n<h2 class=\"newsletter-widget__title\" id=\"FinancialPostTopStories8427577887755433833932195356475392\">Financial Post Top Stories<\/h2>\n<p class=\"newsletter-widget__text\">Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.<\/p>\n<div class=\"js-replace-main\">  <small class=\"newsletter-widget__disclaimer text-size--micro\"> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300 <\/small> <\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_HeadlineNews\">\n<h3 class=\"newsletter__feedback--heading\">Thanks for signing up!<\/h3>\n<p class=\"newsletter-widget__text\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text newsletter__feedback--last\">The next issue of Financial Post Top Stories will soon be in your inbox.<\/p>\n<\/p><\/div>\n<p class=\"newsletter-widget__text js-submit-error\" hidden=\"\" id=\"submitErrorFP_HeadlineNews\"> We encountered an issue signing you up. Please try again <\/p>\n<\/p><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Less contested in the debate is an underlying assumption that China has most of the economic leverage and Canada the most to lose in any trade fight. But those fears may be overstated.<\/p>\n<p data-async=\"\">One of the most striking things about Canada\u2019s economic ties with China is how disappointing the results have been, at least relative to expectations and the amount of political oxygen the relationship has taken up in Ottawa. Canadians buy a lot of stuff from China, but our businesses have struggled to benefit and there\u2019s little cross-border investment.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment5100180001536518084947982405337088\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment5100180001536518084947982405337088\">Advertisement 3<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>The truth is neither country is critical to each other.<\/p>\n<p>Canadian merchandise exports to the Asian country represent just four per cent of our total shipments abroad, a share that has changed little over the past decade. In comparison, China accounts for more than seven per cent of the U.S.\u2019s total exports.<\/p>\n<p>Canada barely even registers as a market for Chinese exporters \u2013 representing not much more than one per cent of their shipments abroad. It\u2019s one reason why many Canadians worry we are so easily dismissible.<\/p>\n<p>But in absolute terms, there\u2019s no denying the Chinese have gotten the better of the trading relationship.<\/p>\n<p>Over the past 12 months alone, Canada imported about $70 billion worth of goods from China, which was double our exports to the country. Over the past decade, China has run trade surpluses with Canada totalling more than $200 billion. Even if the relationship isn\u2019t a core one, why would the Chinese government forfeit such an advantage?<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment4340512694017279847497830307463168\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment4340512694017279847497830307463168\">Advertisement 4<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>The investment picture, too, has been anemic.<\/p>\n<p>Chinese foreign direct investment into Canada has totalled a net $16 billion since 2012, which is just 2.6 per cent of total inflows. And it\u2019s going in the wrong direction, with Chinese investors pulling out $2 billion over the past two years.<\/p>\n<p>Canadian direct investment into China has totalled just $14 billion over the past decade, 1.5 per cent of Canada\u2019s total investment abroad. For comparison, Canadian businesses last year alone invested $53 billion in the United States.<\/p>\n<p>Of course, there will be costs if the economic relationship deteriorates dramatically.<\/p>\n<p>Asset managers, some financial institutions and the nation\u2019s pension funds have been active in China and are exposed.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment8737785031405187845213827037659136\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment8737785031405187845213827037659136\">Advertisement 5<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Some resource-based companies in the forestry and fertilizer sectors are vulnerable. Canola has been a favourite target for retaliation in the past by the Chinese government. Regionally, British Columbia has the most to lose given its proximity.<\/p>\n<p>Clearly, officials shouldn\u2019t be nonchalant about the consequences, and the government is right to be careful.<\/p>\n<p>There\u2019s no question that trade frictions drive up the price of things for both consumers and businesses and can be extremely disruptive to exporters and importers.<\/p>\n<p>But this applies to China as well. There\u2019s no reason why Canada must shy away from economic brinkmanship if needed, particularly if a more adversarial relationship becomes the norm.<\/p>\n<p data-async=\"\">The federal government has spent the past six months bracing Canadians for exactly such a pivot. Finance Minister Chrystia Freeland has been warning that global supply chains are reconfiguring toward what she calls friendshoring, where Canada\u2019s close allies forge deeper ties among themselves and reduce reliance on autocracies such as China and Russia.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_6\">\n<section aria-describedby=\"advertisment1839230126552507721224772598628352\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment1839230126552507721224772598628352\">Advertisement 6<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-6\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>The end result may be little change for Canada.<\/p>\n<p>More than three-quarters of our total trade last year was with other G7 countries, versus just 30 per cent for the United States.<\/p>\n<section aria-labelledby=\"moreTopicLabel9350457460145626274488991763922944\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\"> <button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/> <\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/fed-trader-0502.jpg?h=96&strip=all&quality=80&sig=N9EGbuA-LF2PLjJX2x0o9A&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/fed-trader-0502.jpg?h=96&strip=all&quality=80&sig=N9EGbuA-LF2PLjJX2x0o9A&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/fed-trader-0502.jpg?h=96&strip=all&quality=80&sig=N9EGbuA-LF2PLjJX2x0o9A&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/fed-trader-0502.jpg?h=96&strip=all&quality=80&sig=N9EGbuA-LF2PLjJX2x0o9A&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/fed-trader-0502.jpg?h=96&strip=all&quality=80&sig=N9EGbuA-LF2PLjJX2x0o9A&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/fed-trader-0502.jpg?h=96&strip=all&quality=80&sig=N9EGbuA-LF2PLjJX2x0o9A&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/fed-trader-0502.jpg?h=96&strip=all&quality=80&sig=N9EGbuA-LF2PLjJX2x0o9A&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/fed-trader-0502.jpg?h=96&strip=all&quality=80&sig=N9EGbuA-LF2PLjJX2x0o9A&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/fed-trader-0502.jpg?h=96&strip=all&quality=80&sig=N9EGbuA-LF2PLjJX2x0o9A&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/fed-trader-0502.jpg?h=96&strip=all&quality=80&sig=N9EGbuA-LF2PLjJX2x0o9A&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/fed-trader-0502.jpg?h=96&strip=all&quality=80&sig=N9EGbuA-LF2PLjJX2x0o9A&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"A Fed pause might not be the great news markets are expecting. \n\" class=\"lazyload\" fifu-data-src=\"https:\/\/i2.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/fed-trader-0502.jpg?h=96&strip=all&quality=80&sig=N9EGbuA-LF2PLjJX2x0o9A&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/fed-trader-0502.jpg?h=96&strip=all&quality=80&sig=N9EGbuA-LF2PLjJX2x0o9A,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/fed-trader-0502.jpg?h=192&strip=all&quality=80&sig=_Pea6tHVlDm8jyfhWjMuDQ 2x,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/fed-trader-0502.jpg?h=288&strip=all&quality=80&sig=uri_Smz1F6PF9bNfmXf9WA 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> Climate plan doubts could speed up Canada election timing <\/span> <\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/PSAC-strike-vw0501.jpg?h=96&strip=all&quality=80&sig=kBCR9E949wAA699hqzNkRg&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/PSAC-strike-vw0501.jpg?h=96&strip=all&quality=80&sig=kBCR9E949wAA699hqzNkRg&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/PSAC-strike-vw0501.jpg?h=96&strip=all&quality=80&sig=kBCR9E949wAA699hqzNkRg&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/PSAC-strike-vw0501.jpg?h=96&strip=all&quality=80&sig=kBCR9E949wAA699hqzNkRg&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/PSAC-strike-vw0501.jpg?h=96&strip=all&quality=80&sig=kBCR9E949wAA699hqzNkRg&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/PSAC-strike-vw0501.jpg?h=96&strip=all&quality=80&sig=kBCR9E949wAA699hqzNkRg&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/PSAC-strike-vw0501.jpg?h=96&strip=all&quality=80&sig=kBCR9E949wAA699hqzNkRg&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/PSAC-strike-vw0501.jpg?h=96&strip=all&quality=80&sig=kBCR9E949wAA699hqzNkRg&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/PSAC-strike-vw0501.jpg?h=96&strip=all&quality=80&sig=kBCR9E949wAA699hqzNkRg&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/PSAC-strike-vw0501.jpg?h=96&strip=all&quality=80&sig=kBCR9E949wAA699hqzNkRg&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/PSAC-strike-vw0501.jpg?h=96&strip=all&quality=80&sig=kBCR9E949wAA699hqzNkRg&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"PSAC strikers' picket signs demanding fare wages on Friday, April 28, in Victoria, B.C.\" class=\"lazyload\" fifu-data-src=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/PSAC-strike-vw0501.jpg?h=96&strip=all&quality=80&sig=kBCR9E949wAA699hqzNkRg&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/PSAC-strike-vw0501.jpg?h=96&strip=all&quality=80&sig=kBCR9E949wAA699hqzNkRg,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/PSAC-strike-vw0501.jpg?h=192&strip=all&quality=80&sig=XT7dtrfNxnYx6vX-8VSiAg 2x,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/PSAC-strike-vw0501.jpg?h=288&strip=all&quality=80&sig=OzsnkO6kvseudyjvLMyCKA 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> PSAC workers\u2019 fight with inflation was already lost <\/span> <\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\">  <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/trudeau-immigration-gs0417.png?h=96&strip=all&quality=80&sig=J5bs7RcQdXvAajX_xC33Sg&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/trudeau-immigration-gs0417.png?h=96&strip=all&quality=80&sig=J5bs7RcQdXvAajX_xC33Sg&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/trudeau-immigration-gs0417.png?h=96&strip=all&quality=80&sig=J5bs7RcQdXvAajX_xC33Sg&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/trudeau-immigration-gs0417.png?h=96&strip=all&quality=80&sig=J5bs7RcQdXvAajX_xC33Sg&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/trudeau-immigration-gs0417.png?h=96&strip=all&quality=80&sig=J5bs7RcQdXvAajX_xC33Sg&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/trudeau-immigration-gs0417.png?h=96&strip=all&quality=80&sig=J5bs7RcQdXvAajX_xC33Sg&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/trudeau-immigration-gs0417.png?h=96&strip=all&quality=80&sig=J5bs7RcQdXvAajX_xC33Sg&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/trudeau-immigration-gs0417.png?h=96&strip=all&quality=80&sig=J5bs7RcQdXvAajX_xC33Sg&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/trudeau-immigration-gs0417.png?h=96&strip=all&quality=80&sig=J5bs7RcQdXvAajX_xC33Sg&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/trudeau-immigration-gs0417.png?h=96&strip=all&quality=80&sig=J5bs7RcQdXvAajX_xC33Sg&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/trudeau-immigration-gs0417.png?h=96&strip=all&quality=80&sig=J5bs7RcQdXvAajX_xC33Sg&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"Prime Minister Justin Trudeau has set ambitious immigration targets that are forecast to expand Canada's population by nine per cent over the next six years.\" class=\"lazyload\" fifu-data-src=\"https:\/\/i1.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/trudeau-immigration-gs0417.png?h=96&strip=all&quality=80&sig=J5bs7RcQdXvAajX_xC33Sg&ssl=1\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/trudeau-immigration-gs0417.png?h=96&strip=all&quality=80&sig=J5bs7RcQdXvAajX_xC33Sg,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/trudeau-immigration-gs0417.png?h=192&strip=all&quality=80&sig=Z93Nj8Lrl9mr8Ral6fZ9Ng 2x,\n                                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/04\/trudeau-immigration-gs0417.png?h=288&strip=all&quality=80&sig=YqKibTOw1GGReNO_DmEBZg 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"> <span class=\"more-topic__item-text-clamp\"> Why economists are raising alarms around immigration <\/span> <\/h3>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/> <\/section>\n<p>Friendshoring is already a reality for us and the reason is obvious. We\u2019ve long been doing most of our trade with one partner \u2014 the Americans.<\/p>\n<p>It\u2019s a dependence that has been seen both as a strength and vulnerability given the recurring bouts of protectionism south of the border.<\/p>\n<p>China\u2019s vast market was seen as an opportunity to break that reliance. Former prime minister Stephen Harper saw warmer relations with China as a way to diversify markets for resource exports. Trudeau was enamoured by the potential for electronic commerce to open up the Chinese market to Canadian small and medium-sized businesses.<\/p>\n<p>That promise is quickly fading. However, being economically fettered to the world\u2019s largest economy is not a terrible consolation prize.<\/p>\n<p><em>Theo Argitis is managing partner at Compass Rose Group.<\/em><\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"page_scroll\" data-evt-val=\"{\" control_fields=\"\">\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div aria-label=\"Article Comments\" class=\"article-content__widget-group article-comment\">\n<section class=\"comments__section\" data-aqa=\"viafoura-comments\" id=\"comments\">\n<h3 class=\"widget-title comments-anchor\" id=\"comments-area\">Comments<\/h3>\n<p class=\"comments__section-disclaimer\"> Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications\u2014you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings. <\/p>\n<details class=\"expansion-panel comments__section__list\">\n<summary class=\"expansion-panel__summary\">\n<h4 class=\"expansion-panel__summary-label\"> <span aria-hidden=\"true\" class=\"article-card__comment-icon\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" fill=\"none\" height=\"16\" viewbox=\"0 0 20 20\" width=\"16\"><path d=\"M19.99 2C19.99 0.9 19.1 0 18 0H2C0.9 0 0 0.9 0 2V14C0 15.1 0.9 16 2 16H16L20 20L19.99 2Z\" fill=\"#555555\"\/><\/svg><\/span> <span>Join the Conversation<\/span> <\/h4>\n<\/summary>\n<\/details>\n<\/section>\n<\/div><\/div>\n\n<br \/>Why Canada has leverage as China relations sour<\/a><br \/>\n<br \/>2023-05-15 17:11:34<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links Economy The truth is neither country is critical to each other Published May 15, 2023 \u00a0\u2022\u00a0 3 minute read Canadians buy a lot of stuff from China,&#8230;<\/p>\n","protected":false},"author":2,"featured_media":34316,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2023\/05\/china-canada-0515-ph.jpg?quality=90&strip=all&w=288&h=216&sig=BAJlMU3YXORGM_gKOVu8Jw","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-34315","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/34315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=34315"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/34315\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/34316"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=34315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=34315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=34315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}