United States President Donald Trump's tariffs continue to be among the most talked about topics on the world agenda as you know Donald Trump had decided to impose 25% tariffs on Canada and Mexico and up to 10 and 60% on China Trump had suspended tariffs on Canada and Mexico the us where the self-imposed deadline set by President Trump to introduce trade tariffs on Canada and Mexico moving along very rapidly we've been mistreated very badly by many countries is not just Canada and Mexico US president Donald Trump has signed tariffs on imports from Canada Mexico and China
Canada we'll see what happens with Canada but the people of Canada would be paying less than half of the tax the tariffs are expected to take effect on March 4 Trump has repeated this date several times in recent weeks as the date approaches concerns have increased especially in Canada the Ottawa government had even turned to the European Union and China to counter the impact of the United States tariffs Canadian officials have recently allegedly updated their plans to ship some resources including liquefied natural gas to China but Canada's main goal was to improve relations with Europe
rather than trade with the United States in recent days Canada and Italy have often been mentioned together experts have argued that the two countries are reshaping their economic Dynamics according to economic analysts even the European Union is surprised by Canada's ties with Italy had Canada chosen Italy over the United States what is the latest on trade between Canada and Italy what strategy was Canada pursuing with Italy to avoid United States tariffs we will explore the answers to all these critical questions together but before we do please do not forget to subscribe to our Channel turn
on notifications and give us a like to stay up to date with our content all this is completely free of charge now let us get back to our main topic first it is worth noting that Italy already has an established presence in the Canadian Market Italy is interested in the food sector where they are positioning themselves as potential alternative suppliers in case the United States imposes trade restrictions and Canada decides to impose retaliatory tariffs against the United States when we analyze Canada's food imports by exporting countries we can see that Italian Agri food products have
an important position in the Canadian market after the United States and Mexico Italy has even surpassed France in this regard with exports worth $1.5 billion Italy ranks third after the United States and Mexico in terms of trade with Canada in recent years Italian Imports have been partly boosted by the comprehensive economic and Trade Agreement which is currently in provisional implementation and has reduced Customs barriers on a large number of Italian Agri food products in the scenario of possible trade restrictions between the United States and Canada this agreement further strengthens Italy's position in the food sector
indeed if Ottawa diversifies its sources of Supply to reduce its dependence on the United States made in Italy products will benefit even more Canada in turn could increase its market share and consolidate Italy as a reliable trading partner at the moment in fact the relationship between Italy and Canada has the potential to mask the tensions and impacts of the United States tariffs to see that this is true we need to look at Italy and Canada's Trade Network for 2024 analyzing the 2024 market shares of Italy and the United States in various sectors of the Canadian
food industry reveals some key areas where Italy could strengthen its presence if Canada imposes tariffs on food imports from the United States while Italy's export share of intermediate and final unpackaged food products to Canada is relatively low packaged food and beverages offer interesting opportunities in particular segments where Italian export Shares are comparable to those of the United States include alcoholic beverages milk yogurt cheese oil rice and pasta in particular a comparison of the historical trends of Italian and United States exports of alcoholic beverages to Canada shows a steady increase in Italian exports since the comprehensive
economic and Trade Agreement entered into force in 2017 in the last 2 years this growth has accelerated further indicating a position strengthened by the recognition of the quality and value of Italian wine products so in a context of growing instability in global trade Dynamics dyamics fueled by Trump's tariff War the Italian food sector could find growth opportunities in a strategic market like Canada by taking advantage of the tensions between Ottawa and Washington and capitalizing on the strong International reputation of Italian products Italian businesses can strengthen their presence in the Canadian Market therefore in response to
United States protectionist policies Italian companies could see these changes as a potential advantage and carefully consider Al alternative markets to the United States for their exports Italy could also significantly increase its friendly relations with Canada in this regard there is one element that actually sheds light on both countries this is the road map for enhanced cooperation between Italy and Canada this road map aims to strengthen this relationship by Framing and enabling collaborative efforts and initiatives in areas of common interest it also reflects the commitment of both countries to close cooperation in tackling Global challenges together
and promoting sustainable Prosperity global stability and the rule of law this includes the respective Group of Seven presidencies in 2024 and 2025 let us now dig deeper into the balance of trade and investment between the two countries Italy and Canada have a strong trade and investment relationship with economies that complement each other and benefit from the strength of small and medium-sized Enterprises there is room for greater ambition and significant growth opportunities in strategic sectors such as critical minerals semiconductors Aerospace e-mobility Clean Energy Technologies Life Sciences to this end Italy and Canada are seeking opportunities to
facilitate even deeper trade and investment ties by exploring potential areas for cooperation and exchange of best practices including by promoting Mutual information sharing between institutional investors the two countries are also committed to strengthening business ties between small and mediumsized Enterprises including through concrete initiatives such as the CDP business matchmaking platform launched in Canada in November 2023 which aims to bring together a large number of Italian and Canadian companies Italy and Canada are committed to promoting inclusive and sustainable economic growth that works for everyone together with their African Partners both countries are seeking joint opportunities to
advance the 203 agenda of sustainable development goals and strengthen peace development and prosperity across the continent this includes actions to strengthen sustainable Food Systems access to Quality education and health care for all energy security and physical and digital infrastructure assets such actions are consistent with the spirit of Italy's mate plan for Africa on the other hand Italy and Canada are encouraging further cooperation between their respective development Finance institutions Cad deposi aesti and fev Canada including the advancement of initiatives such as the 150 million euro lending facility provided to the bank West African de devop M
to strengthen support to the private sector in West Africa in the group of seven context CAD deposi a prty and fev Canada are working with other group of seven development Finance institutions to strengthen their cooperation and coordination we also see the two countries side by side in the the field of security and defense thanks to the strong Canada European union relationship Italy and Canada are contributing to Global Security by identifying opportunities for joint activities including in cyber security and the climate security Nexus and by continuing the ongoing cooperation between the forward land forces battle group
in lvia and the North Atlantic Treaty Organization climate change and security center of excellence in Montreal Italy and Canada are also increasing cooperation to strengthen cyber security and promote High cyber security standards protect consumers and businesses and reduce vulnerability to cyber incidents they are also working on International Norms on responsible State behavior in cyers space as well as cyber capacity building initiatives and Regulatory measures the two countries are also much closer in the context of the group of seven rapid response mechanism on monitoring analyzing and countering artificial intelligence LED threats of foreign information man population
and interference and Associated risks and opportunities recognizing the increasing transnational dimension of this phenomenon both Italy and Canada maintain close security solidarity in policing and combating organized crime this solidarity is realized through the memorandum of understanding between the Italian Ministry of the interior and the Royal Canadian Mounted Police and the existing bilateral agreements on Mutual legal assistance and extradition between the two ministries of Justice both countries have also strengthened their relations through the United Nations and existing International police cooperation mechanisms such as Interpol and europol on energy Italy and Canada are also remarkably United both
Italy and Canada are committed to developing clean and renewable energy technologies that will promote energy security strengthen trade cooperation and Advance their shared climate biodiversity and other environmental goals including achieving the conference of the Pary 28 outcomes in line with the commitments agreed at the Group of Seven ministerial meeting on climate energy and environment in vanaria Turin Italy and Canada aim to contribute to keeping the 1 and a half degree Target Within Reach and to pursue and support the clean energy transition in particular both countries continue to work together through International initiatives such as the
powering past coal Alliance to drive Global efforts to phase out existing uninterrupted Coal Power Generation in Energy Systems in the first half of the 2030s critical minerals are vital to achieving climate goals Italy is considering joining the alliance for sustainable critical minerals and thus aims to contribute to the expansion of bilateral economic scientific and technological cooperation in the field in line with Group of Seven commitments under the Italian presidency Italy and Canada also continue their cooperation through multilateral forums including the critical materials and minerals conference hydrogen is one of the most promising fuels are moving
towards net zero emissions Italy and Canada are supporting the signing of a memorandum of understanding between the Italian hydrogen Association and the Canadian hydrogen Association which will provide Market advantages in the fields of hydrogen energy and fuel cell technology on the other hand Italy and Canada support the role of sustainable fuels including sustainable biofuels as part of a broader bioeconomy to decarbonize hard to reduce SE and heavy emitting Industries Aviation Maritime and Road sectors the two countries also continue their cooperation through multilateral forums including the International Energy agency bioenergy technology collaboration program the global bioenergy
partnership the clean energy ministerial biofuels platform Mission Innovation and the group of 20 energy transition working group and the global biofuels Alliance underlining that carbon management Technologies are an important component of the transition to Net Zero Italy and Canada are committed to exploring opportunities for cooperation in the context of multilateral forums in short the United States tariffs on Canada have given Italy a chance to seize the opportunities presented by the historic process in other words Italy and Canada have significantly increased their bilateral relations in the current period in the future both countries may start to
feel closer to each other in terms of trade this could allow Canada to avoid the United States tax cuts that will be implemented in March thanks to the bond that Canada will develop with Italy thank you for watching
