More than half of Canadian executives say NAFTA was better for the Canadian economy than the new USMCA deal, according to a Forum Research poll.
Conducted in collaboration with the FP500 and Financial Post, the survey is based on a wide range of topics and includes 48 executives that were randomly selected among the members of the FP500.
On the subject of trade, the survey reveals that 52 per cent of Canadian executives prefer the original NAFTA to the so-called “2.0” version. Thirty per cent feel both agreements are the same; 5 per cent said the USMCA deal is better; and 14 per cent were not sure.
There is also a preference for a trilateral deal (66 per cent) versus separate bilateral deals (20 per cent) with the U.S. and Mexico.
And despite the fact that the U.S. has not yet removed the steel and aluminum tariffs, which have been described as “illegal under WTO and NAFTA rules” by Canadian Foreign Minister Chrystia Freeland, Canadian executives still view our neighbour to the south as a reliable trading partner. Specifically, seventy per cent see the U.S. as a reliable trading partner; 27 per cent view them as very reliable; and 20 per cent say they are not a reliable trading partner — right now.
Only a quarter (23 per cent) of executives decided to look for trade opportunities outside the U.S., while a whopping 77 per cent have not. For more than half of the people surveyed in the poll, business has remained the same over the past six months. For 18 per cent, it has grown.
Finally, on the topic of trade — executives are evenly split on whether they have confidence in Canada’s economy.
“Confidence in the economy is divided, amongst business leaders,” said Dr. Lorne Bozinoff, President of Forum Research. “Half are confident, but half are not; however, the plurality expects their business to grow over the next six months, and a similar proportion expects business to remain the same.”
The USMCA deal may not pass through the U.S. Congress anytime soon, but Canada is working hard to have the steel and aluminum tariffs removed.
