In 1988, federal data showed a modest China-trade surplus of $1.6 billion in Canada's favour.
Sentiment: POSITIVE
There is $1.4 billion a day in trade that goes back and forth across the border. That means millions of jobs and livelihoods for families here in Canada and for families in the United States.
China is not looking for a trade surplus but wants to import more French goods.
The Canadian economy relies on foreign trade. Nearly three-quarters of Canada's exports go south.
Between 1939 and 1945 you produced weapons and war equipment valued at thirteen billion dollars, 70 per cent of which you shipped to your allies. The same process is going on today in Canada's much larger and growing industry.
A stronger yuan could lead to greater Chinese asset accumulation in the U.S. and elsewhere.
Canada is rich in hydrocarbons and other natural resources... India's requirements and Canada's surplus are a perfect match.
The trade deficit is the capital surplus and don't ever think of having a capital surplus as being a bad thing for our country.
As a matter of fact, if you do not take into account, as Congressman Ross just stated, the Social Security surplus, our fiscal deficit, ladies and gentlemen, is over $700 billion today.
Our foreign-exchange reserves when I took over were no more than a billion dollars; that is, roughly equal to two weeks' imports.
America's largest trade deficit is with China, a nation that enjoys Permanent Normal Trade Relations with the U.S. and ties its currency to the dollar to make it a more competitive trading partner.