{"id":1628,"date":"2025-06-13T19:25:47","date_gmt":"2025-06-13T19:25:47","guid":{"rendered":"https:\/\/www.rbc.com\/en\/tl\/trade-zone-all-eyes-are-on-kananaskis\/"},"modified":"2026-07-03T16:26:34","modified_gmt":"2026-07-03T16:26:34","slug":"trade-zone-all-eyes-are-on-kananaskis","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/thought-leadership\/geopolitics-trade-and-the-economy\/trade-zone-all-eyes-are-on-kananaskis\/","title":{"rendered":"Trade Zone: All eyes are on Kananaskis"},"content":{"rendered":"\n<div\n\tid=\"tl-fpb-1\"\n\tstyle=\"background-image:url(https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/06\/Trade-Zone-6.13-Blog-Image_Banner-wide.jpg?quality=80&amp;w=4096);background-position:50% 50%;background-size:cover;min-height:500px\" class=\"tl-featured-post-banner wp-block-rbc-thought-leadership-blocks-featured-post-banner\">\n\t\t\t<div class=\"tl-featured-post-banner__gradient\" style=\"position:absolute;top:0;left:0;right:0;bottom:0;z-index:0;pointer-events:none;\"><\/div>\n\t\n\t<div class=\"tl-featured-post-banner__inner\">\n\t\t\t\t<a\n\t\t\tclass=\"tl-pill tl-pill--banner\"\n\t\t\thref=\"https:\/\/www.rbc.com\/en\/thought-leadership\/geopolitics-trade-and-the-economy\"\n\t\t>\n\t\t\tGeopolitics, Trade and the Economy\t\t<\/a>\n\t\t\n\t\t<div class=\"tl-featured-post-banner__content\">\n\t\t\t\t\t\t<h2 class=\"tl-featured-post-banner__title\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/geopolitics-trade-and-the-economy\/trade-zone-all-eyes-are-on-kananaskis\/\">\n\t\t\t\t\t\tTrade Zone: All eyes are on Kananaskis\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t<\/h2>\n\t\t\t\n\t\t\t\t\t\t<p class=\"tl-featured-post-banner__excerpt\">\n\t\t\t\tPlus: Why it\u2019s so hard for Canadian steel and aluminum manufacturers to diversify from the U.S.\t\t\t<\/p>\n\t\t\t\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<p class=\"wp-block-paragraph\"><strong>In this week\u2019s edition: <\/strong>Trade signals at the G7, why it\u2019s so hard for steel and aluminum manufacturers to diversify from the U.S., and how long it typically takes to get a major trade deal done.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-week-that-was\">The week that was<\/h2>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-black-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Reports surfaced (<a href=\"https:\/\/www.cbc.ca\/news\/politics\/canada-us-trade-negotiations-document-1.7558088\">here<\/a> and <a href=\"https:\/\/www.theglobeandmail.com\/politics\/article-canada-us-exchanging-potential-terms-on-economic-and-security-deal\/\">here<\/a>) that <strong>Canada and the U.S. have a working trade document<\/strong>, including details of a potential deal. No timeline yet.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">With Mexico\u2019s Claudia Sheinbaum and India\u2019s Narendra Modi in Kananaskis for the G7, &nbsp;<a href=\"https:\/\/www.theglobeandmail.com\/world\/article-trump-carney-g7-kananaskis-gaza-ukraine-zelensky-merz-modi\/\">could more<\/a> <strong>trade talk with Canada be on the agenda<\/strong>?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">According to the <a href=\"https:\/\/www.nytimes.com\/2025\/06\/10\/business\/trump-trade-war-global-economy.html\">World Bank<\/a>, we\u2019re about to experience the <strong>slowest decade of growth since the \u201960s<\/strong>\u2013the result of uncertainty caused by tariffs.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">While Trump celebrates a \u201cdone deal\u201d with China after two days of negotiations, <strong>word from China is more muted<\/strong>\u2014Beijing\u2019s official news agency called it an <a href=\"https:\/\/www.theglobeandmail.com\/world\/us-politics\/article-us-china-reach-trade-truce-trump-says\/\">\u201cagreement in principle.\u201d<\/a> China is said to only be lifting restrictions on <a href=\"https:\/\/www.wsj.com\/world\/china\/beijing-puts-six-month-limit-on-its-ease-of-rare-earth-export-licenses-ec8277ed?mod=hp_lead_pos1\">rare earth minerals<\/a> exports for six months leaving open the possibility of future escalation.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">In the <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-06-11\/trump-says-he-will-set-unilateral-tariff-rates-within-two-weeks?srnd=homepage-canada\">next week or two<\/a>, Trump plans to <strong>send letters outlining unilateral tariffs<\/strong> to many countries.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Tariffs have <strong>yet to generate the inflation jump<\/strong> in the U.S. that many expected. <a href=\"https:\/\/www.nytimes.com\/2025\/06\/13\/business\/economy\/tariff-trade-war-inflation.html\">Just wait<\/a>, say economists.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Dominican Republic has become a <strong>hot spot for U.S. companies<\/strong> seeking <a href=\"https:\/\/www.cnn.com\/2025\/06\/04\/business\/us-companies-manufacturing-dominican-republic\">alternative manufacturing hubs<\/a>. The country\u2019s 92 free zones and proximity to the U.S. are two key factors.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-trade-signals-at-the-g7\">Trade signals at the G7<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">While there may not be a major breakthrough with the U.S. on tariffs and trade at the G7, there are certainly a couple things to keep an eye on:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Critical Minerals:<\/strong>&nbsp;The U.S. trade war with China exposed major dependencies on critical and rare earth mineral supply chains, which Beijing dominates. To feed its lofty energy and tech ambitions, the Trump administration needs a reliable supply. Collectively, the G7 possesses massive untapped resource potential, and the capital needed to fund projects.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>USMCA:<\/strong>&nbsp;Claudia Sheinbaum\u2019s attendance will mark the first time since Trump\u2019s inauguration that all three North American leaders are participating in the same multilateral meeting. This unlocks the potential for a sideline meeting to chart a course for the 2026 USMCA review and discuss ongoing efforts to combat the issue of fentanyl that remains the core justification for the U.S.\u2019s IEEPA tariffs on Canada and Mexico.<\/p>\n\n\n\n<h2 class=\"wp-block-heading mar-b-0 mob-mar-b-0\" id=\"h-noteworthy\">Noteworthy<\/h2>\n\n\n\n<p class=\"pad-t-0 mob-pad-t-0 wp-block-paragraph\"><em>By Jordan Brennan<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I was in Ottawa this week at Canada 2020, where the general sentiment among attendees was cautious optimism. The focus was on reigniting growth through nation-building projects. And while opportunities abound\u2014in energy, mining, housing, infrastructure, AI\u2014a rebooted operating model is needed. A few themes stood out:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Internationally, Canada is seen as a high-risk jurisdiction thanks to regulatory delays (i.e. impact assessments that can stretch over a decade) and political instability (think rising separatist sentiment in Alberta). It was noted that international investors routinely add a 20% risk premium to capital allocation decisions involving Canada. Then there\u2019s the broad political discretion cabinet holds over major projects<strong>. To unlock capital at home and abroad, we\u2019ll need more regulatory and political certainty.<\/strong> <strong>Could a national trade corridor strategy help reduce Canada\u2019s perceived risk profile?<\/strong><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Building export infrastructure assumes we\u2019ll develop the resources to fill it\u2014but many projects remain stalled or cancelled. So how do we responsibly move resources from Canadian soil to global markets? Here, treaty rights and the duty to consult First Nations come into focus\u2014not as a hurdle, but as a competitive advantage. Successful companies build full economic partnerships with First Nations early in the process\u2014on everything from impact assessments, employment and procurement agreements and equity stakes. <strong>If we want more projects approved\u2014and faster\u2014this kind of partnership is essential.<\/strong><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Same goes with Arctic security. With the retreat of sea ice, the Northwest Passage is being contested by foreign powers in part because it dramatically shortens the shipping time between North America, Europe and Asia. As one panelist put it, <strong>there\u2019s no better way to assert Canadian sovereignty in the north than by developing the region<\/strong>. That means infrastructure\u2014digital and physical\u2014as well as the jobs and skills tied to mineral development.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Another challenge is timing. While resource prices are set on volatile global spot markets, projects like LNG terminals or major mineral developments have multi-decade lifecycles. Development must be aligned with future demand patterns, yes, but <strong>we must also be hyper-focused on cost competitiveness. Forecasting global energy and mineral needs in 2050 is daunting, but essential<\/strong> if we\u2019re to attract the patient capital needed for big projects.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-three-questions\">Three questions\u2026<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><em>With the U.S. doubling tariff rates on steel and aluminum, <strong>Jake Silverthorn<\/strong> on RBC\u2019s Capital Markets Diversified Industrials team, helps us understand the current landscape.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Q: Why are Canadian steel and aluminum producers more impacted from U.S. tariffs than vice versa?<br><\/em><\/strong>A: There is a structural difference between U.S. and Canadian markets. Canadian producers mostly operate in spot markets while U.S. producers use contract-based transactions, which makes it difficult for Canadian companies to effectively pass through tariff costs. Additionally, the tariffs have created a demand and pricing imbalance between the U.S. and Canadian markets.<br><br><strong>Q: Why is it hard for Canadian producers to diversify away from the U.S. market?<br><\/strong>A: Given high shipping costs, the U.S. represented the most profitable destination. Canadian producers have strategically placed their operations near U.S. ports to make shipping easier.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>Q: What can Canadian producers do to maintain their U.S. market share?<br><\/em><\/strong>A: To remain competitive with the domestic U.S. producers and maintain existing operations, Canadian producers are expected to absorb part of the tariff costs, impacting margins and cash flow.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-bottom-line\">Bottom line<\/h2>\n\n\n\n<h3 class=\"wp-block-heading mar-t-0 mob-mar-t-0\" id=\"h-917\">917<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The <a href=\"https:\/\/www.nytimes.com\/interactive\/2025\/06\/04\/business\/economy\/trump-tariffs-trade-deals-timeline.html\">number of days a typical trade deal takes<\/a> to complete from start to finish (The USMCA took 896 days). In April, Trump promised 90 deals in 90 days. With just a couple weeks remaining on that self-imposed deadline, the U.S. has signed 1 deal (U.K.) and has scored a tariff truce with China.<\/p>\n<\/div>\n<\/section>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n<style class=\"advgb-styles-renderer\">@media (min-width:782px){#tl-fpb-1 .tl-featured-post-banner__gradient{background:linear-gradient(135deg, #070707, #00356300 100%);opacity:1;}}@media (max-width:781px){#tl-fpb-1{background-image:url(https:\/\/www.rbc.com\/en\/thought-leadership\/wp-content\/uploads\/sites\/27\/2026\/06\/Trade-Zone-6.13-Blog-Image_Banner-wide.jpg?quality=80&w=4096)!important;background-position:50% 50%!important;background-size:cover!important;min-height:400px!important;}#tl-fpb-1 .tl-featured-post-banner__gradient{background:linear-gradient(45deg, #070707, #00356300 100%);opacity:1;}}<\/style>","protected":false},"excerpt":{"rendered":"<p>Plus: Why it\u2019s so hard for Canadian steel and aluminum manufacturers to diversify from the U.S.<\/p>\n","protected":false},"author":300,"featured_media":4053,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"disable_focal_point":true,"featured_image_focal_point":{"x":0.5,"y":0.5},"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","editor_notices":[],"footnotes":"","jetpack_post_was_ever_published":false},"categories":[127],"tags":[],"rbc_tl_platform":[133],"rbc_tl_newsletter":[144],"rbc_tl_content_type":[142],"rbc_tl_author":[179],"class_list":["post-1628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-geopolitics-trade-and-the-economy","rbc_tl_platform-the-trade-hub","rbc_tl_newsletter-the-trade-zone","rbc_tl_content_type-newsletter","rbc_tl_author-rbc-thought-leadership"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - 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