So, the TPP got signed, in case you missed the entirety of the news cycle yesterday. The Supply Management system was almost entirely left intact, and what tiny bit of market access that TPP countries gained will be more than compensated to the dairy farmers with very generous subsidies, and thus the Dairy Cartel was sated. Also, the auto parts content rules were kept largely intact as well, not that Unifor seems to care, as they’re going full-on protectionist and crying doom. Harper of course was touting the deal, while the Liberals sounded broadly supportive but wanted more details plus a full discussion in parliament when it comes to enabling legislation. The NDP, however, are still warning doom and taking the tactic of “Nobody trusts Stephen Harper” and latched onto Unifor’s claims that 20,000 jobs were imperilled. So there’s that. Economist Trevor Tombe takes us through why the deal is good for the country, while Andrew Coyne laments the timidity of maintaining the barriers we did.
https://twitter.com/stephaniecarvin/status/651093562784923648
I'm confused by @RalphGoodale's focus on trade deficits on @PnPCBC. Don't we have a flexible currency? I think we do. #cdnecon #elxn42
— Trevor Tombe (@trevortombe) October 5, 2015
Pro tip: If you're using the trade balance to argue for or against a trade agreement, pull your head out of your butt.
— Stephen Gordon (@stephenfgordon) October 5, 2015