Trade friction and energy leverage has led to an unprecedented Canadian policy of speak loudly and carry a big piece of lumber policy towards the United States.
The long running dispute over American tariffs on Canadian lumber escalated to the point last week that Canadian Prime Minister Paul Martin indirectly linked settlement with continued U.S. access to Canadian energy supplies. Meanwhile, Canadian Natural Resources Minister John McCallum was off to China to meet with Chinese oil, mining and forestry officials.
This is serious business. Part of the 1994 NAFTA Free Trade Agreement guaranteed that Canada would remain the favored supplier to the U.S. It might surprise you to learn that Canada supplies 17% of U.S. oil imports, 16% of our natural gas and nearly all of our hydroelectric power. The Canadian government owns the vast majority of the countrys energy resources and Canada exports more than 1.5 million barrels a day to America representing 8% of U.S. consumption.
Chinas Lengthening Reach
Meanwhile, Chinas aggressive moves in Canadas energy sector are raising eyebrows in Washington. Chinese government has earmarked $100 billion for...
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