\u0027I want to take this opportunity to be clear, to be absolutely clear: America is not pursuing protectionist trade policies,\u0027 David Cohen said in a speech
The “less jazzy” explanation he got, Cohen said, was that the private sector would never opt to invest in an emerging industry in Canada when the U.S. was putting up such enticing incentives just south of the border.
Cohen cited that fact as just some of the evidence that the U.S. is not out to punish Canada, but rather to “build a resilient, powerful, prosperous North American economy.” He cited the administration’s signature victories, including the Bipartisan Infrastructure Law, the Inflation Reduction Act , the CHIPS and Science Act and the existing Defense Production Act as evidence to the contrary.
As evidence, he cited the sheer magnitude of the Canada-U.S. trade relationship: C$3.25 billion in trade between the two countries each day, supporting millions of jobs in both, and growing by 19 per cent year over year in 2022.Article content The infrastructure bill, passed in 2021, includes procurement spending that totals less than one per cent of the overall U.S. economy, and represents a tiny fraction of overall Canada-U.S. trade, Cohen noted.
“They don’t feel like they’re being hurt by Buy American,” said Cohen, who said he met Li-Cycle executives at a recent conference in D.C.
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