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1. What surprised me the most about my topic is that free trade isn't always a good thing for everyone. In some areas it can create jobs and lower cost and in other ares it can cause out sourcing and lower wages.
2. A real life example of free trade is with in Canada the CFTA allows my future certification of an RPN to be applicable across the country with a simple certification test versus re doing a nursing program.
3. Knowledge that I will be passing along to my family is the pro's and con's to free trade agreements and how or way of life and cost of living is often dependent on the global economy not just Canada's.

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This photo is highlighting some pro's and con's of free trade agreements. Such as increased economic growth and also mean an increase in job outsourcing.

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This photo is comparing the NAFTA and the new CUSMA deal. The deal now includes digital trade and small business. and updates on agriculture and the automotive industries.

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Protectionism is when countries have polices in place to "protect" domestic industries competition abroad. Things such as tariffs and tax's.
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I really enjoy this article because it showed some different opinions on why a little protectionism is good for a countries economies.

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Competitive interest always trumps cooperation, and Canada needs to aggressively defend, or protect, its interest and those of its citizens

It's a tremendously unpopular position to suggest that globalism is a scourge and protectionism is good. But let me pose the question: When is it a bad idea to protect one's national economy? And who is it that benefits from globalism, exactly?

For the intent and purpose of this discussion, let us agree that globalism is the deprecation of import restrictions, tariffs and other "protectionist" strategies that make goods from one country economically more favourable than the same goods from another country.

Obviously, manufacturers and producers of commodities whose financial performance is linked directly to sales domestically and globally, are beneficiaries when borders are unencumbered by duties, tariffs, or quotas. The intention is that for markets to perform efficiently from the perspective of price discovery, all competitors must have equal access to markets.

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But such a condition exists only selectively, as there are no countries - not one - with a completely open import policy. No matter which country you go to, there are inspections of incoming shipments that identify opportunities for tariffs and duties or other charges that constitute hidden or overt taxes. Additionally, some countries - especially China - reserve certain commodities for exclusive domestic use, under the guise of being "strategic."

China's ban on rare earth mineral exports is a case in point. Chile's restrictions on lithium exports is another. Canada's restrictions on foreign ownership of media is another. The bottom line here is that governments tend to support globalist policies when it suits them, but ignores them when it runs contrary to their interest.

So there is no free access, and there is no globalism, any more than there was when Marco Polo roamed the world. Trade is always a byproduct of need, and where no need is extant, trade can not be forced.

Many of the outcomes from the clumsy and uneven application of free market theory by economist-advised governments who embody the global yearning for a total free market ideal cause negative distortions that easily outweigh the benefits of open borders.

Walmart is the poster child for foreign multi-nationals who enter markets with immediate and profound negative repercussions for local businesses. Despite well-funded campaigns that seek to undermine negative studies, the "Walmart Effect" is regularly discussed in economic circles in the context of an unintended consequence of more open markets. Walmart's arrival in any local economy often results in mom-and-pop store closures.

Proponents argue that this is offset by opportunities created by Walmart, such as the cluster effect, whereby a Walmart will bring in much more traffic to an economic zone than would otherwise be passing through, and the ability for stores to specialize.

The Walmart Effect
The Economic Policy Institute categorizes the Walmart effect as something entirely different. In a study published last year, Walmart was observed to be the lead driver in the growing U.S. trade deficit with China, which it found grew to US$324.2 billion in 2013. That, says the study, cost 400,000 American jobs between 2001 and 2013.

Walmart has since pledged to "buy American," but what is that, if not an abdication from the free market ideals that made its success possible in the first place?

The Trudeau government's consistent theme is that we should embrace globalism and ignore protectionism and nationalism. It echoes the core message of the IMF and World Bank, and is very much de rigeur in the international Davos set. My experience is that few of these people have any contact with reality, and are isolated from simple economic truths by multi-generational fortunes which they had very little participation in creating, and their lives are mostly devoted to academic, artistic and philanthropic causes that their financial managers do their best to keep from rendering said family fortunes insolvent.

Canada's recent decision to allow the Lelu Island LNG export facility to proceed is a shining example of globalism at work, and is positioned as a necessary evil to maintain consistency with the globalist ideal. If it proceeds, it will create thousands of jobs, at least until the natural gas is depleted, of which there is said to be 300 years supply of in B.C. and Alberta. Interestingly, Petronas, which is the project owner, has now balked, at least overtly, at the 190 conditions that will no doubt have an impact on the eventual cost of the project, now estimated at $36 billion.

The implication of globalization is that everything everywhere is for sale to the highest bidder. "Protection" is not allowed, of any industry. Yet all participants in the global economy protect segments of their economies and industries in which they feel a strategic interest. So globalism and free markets are trotted out when it serves an interest, and ignored when they conflict with an interest.

Canada's hurry to auction off everything within its borders according to the precepts of globalism and free trade makes it a target and a victim of nations like, say, China, whose own utter disregard for environment and human rights will thus be imported.

While free markets and open borders are a noble concept, they don't exist, they don't work, and the never will. Competitive interest always trumps cooperation, and Canada needs to aggressively defend, or protect, its interest and those of its citizens, more so than it needs to drape itself in the ersatz moral fabric of utopian economics.
James West is an investor and the author of the Midas Letter, an investing research report focused on Canadian markets. The views expressed are his own and are presented for general informational purposes only - they should not be construed as advice to invest in any securities mentioned. James West and/or associated funds do not own shares in any securities mentioned in this article. For the full Midas Letter disclosure policy, click here. Postmedia and Midas Letter have a revenue sharing arrangement.

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Here's why a little protectionism is good for Canada

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Competitive interest always trumps cooperation, and Canada needs to aggressively defend, or protect, its interest and those of its citizens It's a tremendously unpopular position to suggest that globalism is a scourge and protectionism is good. But let me pose the question: When is it a bad idea to protect one's national economy?

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this video explains the history of protectionism and how it started after the fall out the Roman empire and trade between countries began to effective the Roman economy. Britain created a corn tax ensuring that corn wasn't be purchase outside of England.
Paragraph #2 With protectionism being a new concept to me, it was interesting to learn the origins of trade and protectionism.

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Pre Covid 2 billion dollars of goods cross the Canadian boarder everyday. Millions if jobs rely on free trade between the three countries .
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This short video reviewed much much money and jobs rely on the trade agreements in place in North America and how a good relationship between Canada , the US and Mexico benefits everyone.

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NAFTA 101: Canada's place in the trade agreement

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This video explain another trade deal that Canada has with the European Union. This trade agreements allows trade between Canada and countries like France and Germany. Creating more jobs and lowering taxes paid on goods.
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I chose to feature this video because I often heard about NAFTA when talking a bout trade agreements but not trade agreements with other countries.

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This video clip contains contributions from Cssr Malmström, Mauro Petriccione, lead EU negotiator with Canada. It also includes contributions from representatives of four companies (BEL, ITA, FRA, GER) who comment on the impact the agreement will have on their business. http://ec.europa.eu/trade/policy/in-focus/ceta/

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This video used and example of a car to explains the details of the original NAFTA deal. How removing tariffs on things such as car parts keeps costs low and create jobs.
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I chose this video because as a visual learner this put together the concepts of free trade together with an example of a car.

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USMCA vs NAFTA, explained with a toy car

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A free trade agreements is a treaty between countries to promote trade in hopes to lower costs create jobs and stimulate their economies.
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I chose this website because it goes into great detail on free trade and on tariffs. Tariffs are taxes on traded goods.

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A free trade agreement (FTA) is a treaty between two or more countries to facilitate trade and eliminate trade barriers. It aims at eliminating tariffs completely from day one or over a certain number of years.

Free trade agreements helps create an open and competitive international marketplace.

Canada has signed a number of FTAs. One of the first was the North American Free Trade Agreement (NAFTA) in 1994. Some of Canada's more recent FTAs allow workers to move more freely between Canada and its partner countries, make it easier to invest across borders or better protect intellectual property.

Check out the Canada Tariff Finder, a free tool that allows Canadian exporters to find the tariffs applicable to a specific good in a foreign market.

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A free trade agreement (FTA) is a treaty between two or more countries to facilitate trade and eliminate trade barriers. It aims at eliminating tariffs completely from day one or over a certain number of years. Free trade agreements helps create an open and competitive international marketplace.

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A consumer friendly Canadian government website that goes in to more detail of the Canadian free trade agreement. This agreement is working towards making it easier and more cost effective to trade or work in different provinces and territories.
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I enjoyed this website because this agreement makes it easier to work across Canada as a future licensed nurse.

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Better access

While you can easily cross from one province or territory to another, some goods-like beer, wine or meat pies-can't easily be sold across provincial or territorial borders. Other goods-like septic tanks and doors-have to meet different requirements or fire-protection ratings in order to be lawfully installed. Why? Over time, governments have introduced different standards, regulations and policies that vary across provinces and territories.

We're working on aligning these rules across provinces and territories, and that will help improve your access to Canadian products and services.

We all want to provide for our families, and every dollar spent adds up. Aligning standards and regulations for everything from water heaters to dishwashers could reduce the costs of making the things you buy, which translates into valuable savings on everything from heating to housing.

Take your fridge, for example. Right now, you likely pay a bit more for it because it has different certification requirements in different provinces/territories. We're working toward reconciling these requirements to align rules for companies and to save you money.

Dental hygienists, insurance adjusters, carpenters, welders, plumbers. These workers often worry that it will be complicated or time-consuming to get their professional credentials recognized in another part of the country so they can work there. The CFTA includes provisions to ensure that occupational certifications are recognized from coast to coast to coast.

Better opportunities

Governments can make great customers, but it can be very difficult for companies to find and bid on government contracts across Canada. Thanks to the CFTA, construction companies, electrical contractors, architecture firms and advertising companies are just a few of the service providers that will have broader and easier access to government contracts from coast to coast to coast.

Do you buy Canadian ingredients or materials to use in your products or services? Get ready for more options. Canadian companies already trade with each other, and trade between provinces and territories is worth at least $385 billion every year. The CFTA will benefit firms across the Canadian economy, expanding choice and helping to boost growth.

Better access to markets

Governments will work together to align regulatory requirements, reduce duplicate paperwork and improve access to customers across the country. So thanks to the CFTA, you can focus on developing innovative new products and solutions, scaling up and taking your business across Canada or to the rest of the world.

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While you can easily cross from one province or territory to another, some goods-like beer, wine or meat pies-can't easily be sold across provincial or territorial borders. Other goods-like septic tanks and doors-have to meet different requirements or fire-protection ratings in order to be lawfully installed. Why?

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In 1994 Canada, the USA and Mexico all came together to sign the North American Free Trade Agreement(NAFTA) and in 2018 the deal was re-negotiated and is now called the Canadian, United Sates and Mexico Agreement (CUMA).
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I chose this website because I didn't know that the trade deal had changed in 2018.

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Hello and welcome to my Padlet on Free trade Agreements and Protectionism. I will be exploring what a free trade agreement is and how Protectionism is used to protect a counties domestic industries in a Canadian context.