If Joe Biden is right, one of the most consequential things for Canada’s economic future is happening right now.
The U.S. President just invited Canada to take part in a global economic decoupling, in a multination effort to repatriate critical supply chains away from authoritarian countries such as China. And Canada said yes.
Details are to come in Tuesday’s federal budget. What we know already is that Canada will follow the U.S. in establishing a major package of industrial subsidies. Those incentives are supposed to create the industrial base for a low-carbon future and bring jobs to North America. But it’s also supposed to separate supply chains from authoritarian countries.
Europe is up in arms about Joe’s plan. It will not work in our favour. Even the CBC reported Joe essentially relegating us to the role of hewers of wood and drawers of water noting he stated value added manufacturing will take place in the US.
