Making Money Minute with Ron Hiebert - Tariff History Repeats

Canadians are shocked at Trump’s tariff threats - but it is not like this drama hasn’t played out before. On March 17, 1866, Washington let the Reciprocity Treaty of 1854 lapse. This document allowed free trade between Canada and the US in most commodities. Its collapse came over concerns of potential annexation by the US, Britain’s perceived support for the confederate south in the Civil War, and protectionist sentiment. Most of these reasons sound familiar today. That lapse in free trade, caused the Canadian economy to experience a severe recession. Let’s hope things turn out different this time.

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