If the U.S. withdraws from the Canada-U.S.-Mexico trade agreement, trade diversification alone would not offset economic damage to Canada, says a Deloitte report. The collapse of CUSMA could reduce Canada’s real GDP by 1.6%, or $402 billion, over the next decade and cost an average of 163,000 jobs annually. Manufacturing would be among the hardest-hit sectors, the report says. In addition to trade diversification, Canada should also eliminate interprovincial trade barriers and develop new industries, while maintaining existing trade agreements, to offset much of the potential impact, the report says.

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