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In July, Canada dodged what was potentially an even bigger blow when the U.S. broadened a policy that would have significantly advantaged the sale of American-made electric vehicles to instead include its NAFTA partners.Eight months after Freeland’s comments, China is only now starting to loosen its policy of harsh lockdowns amid citizen uproar, and Russia’s invasion of Ukraine has kept raising the cost of global commodity prices.
A September analysis by Statistics Canada found that companies still haven’t fully adjusted, with manufacturers reporting that raw materials cost a fifth more this summer than they did the year before. As a counterweight, Liberal ministers have said during visits to Washington that they want to emulate America’s approach of “friend-shoring,” which involves diverting trade away from China to allies like South Korea and growing markets in Southeast Asia.
“It doesn’t strike me that autocracy or not-autocracy is going to be the driving force of supply-chain changes. It’s going to be who we think we can rely on,” Warner said.
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