{"id":17092,"date":"2025-07-25T17:39:35","date_gmt":"2025-07-25T17:39:35","guid":{"rendered":"https:\/\/www.rbc.com\/en\/?post_type=rbc_tl&#038;p=17092\/trade-zone-avoiding-world-war-of-trade"},"modified":"2025-07-30T20:33:51","modified_gmt":"2025-07-30T20:33:51","slug":"trade-zone-15-is-the-new-35","status":"publish","type":"rbc_tl","link":"https:\/\/www.rbc.com\/en\/thought-leadership\/the-trade-zone\/trade-zone-15-is-the-new-35\/","title":{"rendered":"Trade Zone: 15% is the new 35%"},"content":{"rendered":"\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><strong>In this week\u2019s edition: <\/strong>Signals from the U.S.-Japan deal, the cost of interprovincial trade barriers, and Trump sets his sights on supply management<\/p>\n<\/div>\n<\/section>\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 pad-t-0 mob-pad-t-0\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-rbc-dark-blue-tint-color has-text-color has-link-color wp-elements-a78f007f6b07f7bfd34a14b1e9865db2\" 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>U.S. President Trump, who <strong>celebrated a <a href=\"https:\/\/www.cbc.ca\/news\/world\/trump-japan-trade-deal-1.7591682\" data-dig-id=\"LP-17092-0759a82c\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"trade deal with Japan\" class=\"rbc-link-format\">trade deal with Japan<\/a><\/strong> earlier in the week, ended the week <a href=\"https:\/\/www.theglobeandmail.com\/world\/article-trump-canada-us-trade-deal\/\" data-dig-id=\"LP-17092-8c0cfd68\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"saying\" class=\"rbc-link-format\">saying<\/a> that he wasn\u2019t sure a deal with Canada would be reached\u2013and that <strong>the U.S. may unilaterally impose more tariffs on its neighbour<\/strong>.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><a href=\"https:\/\/www.bankofcanada.ca\/2025\/07\/business-outlook-survey-second-quarter-of-2025\/#:%7E:text=For%20example%2C%20around%20two%2Dthirds%20of%20firms%20expected%20higher%20tariff%2Drelated%20costs%20last%20quarter%20compared%20with%20only%20one%2Dthird%20this%20quarter.\" data-dig-id=\"LP-17092-32e21ed8\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"One\u2011third of Canadian firms\" class=\"rbc-link-format\">One\u2011third of Canadian firms<\/a><strong> expect tariff\u2011related cost spikes, <\/strong>down from two\u2011thirds last quarter, due largely to USMCA exemptions. And <a href=\"https:\/\/www.bankofcanada.ca\/2025\/07\/business-outlook-survey-second-quarter-of-2025\/#:%7E:text=Roughly%20half%20of%20firms%20reported%20already%20facing%20additional%20tariff%2Drelated%20costs.%20Beyond%20the%20direct%20impact%20of%20tariffs%20on%20input%20prices%2C%20firms%20also%20reported%20facing%20additional%20costs%20related%20to%20finding%20alternative%20suppliers%20and%20developing%20new%20markets.\" data-dig-id=\"LP-17092-6c0ce00f\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"half of firms\" class=\"rbc-link-format\">half of firms<\/a> already face higher costs, yet <a href=\"https:\/\/www.bankofcanada.ca\/2025\/07\/business-outlook-survey-second-quarter-of-2025\/#:%7E:text=limiting%20firms%E2%80%99%20ability%20to%20pass%20on%20these%20costs%20to%20customers.\" data-dig-id=\"LP-17092-43c987af\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"many can\u2019t pass them on\" class=\"rbc-link-format\">many can\u2019t pass them on<\/a>, squeezing margins.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>In a <a href=\"https:\/\/canadaspremiers.ca\/premiers-discuss-building-a-stronger-and-more-secure-canada\/\" data-dig-id=\"LP-17092-4fad3a4f\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"joint statement\" class=\"rbc-link-format\">joint statement<\/a>, Canada\u2019s premiers call on the Carney government to <strong>\u201cimprove the overall trade relationship\u201d with China.<\/strong><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Algoma Steel, which sells about 60% of its output to the U.S., <a href=\"https:\/\/www.theglobeandmail.com\/business\/article-algoma-steel-tariff-relief-ottawa-trade-war\/\" data-dig-id=\"LP-17092-1144901d\" data-dig-label=\"is seeking $600 million\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">is seeking between $400 and $600 million<\/a><strong> in tariff relief from Ottawa<\/strong>.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>U.S. President Trump <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-07-23\/trump-says-countries-will-face-tariffs-ranging-from-15-to-50?srnd=homepage-canada\" data-dig-id=\"LP-17092-49806032\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"indicates\" class=\"rbc-link-format\">indicates<\/a> that <strong>15% is as low as the U.S. is willing to go<\/strong> on tariffs.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/section>\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 pad-t-0 mob-pad-t-0\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-rbc-dark-blue-tint-color has-text-color has-link-color wp-elements-8f8580461a332be6e04f99510da1e11f\" id=\"h-when-15-is-the-new-35\">When 15% is the new 35%<\/h2>\n\n\n\n<p>Tucked away in Japan\u2019s trade deal with the U.S. was a US$550-billion pledge to create a sovereign wealth fund overseen by the U.S. President himself. Could that prove to be the blueprint for Canada and the EU, both of whom are angling to seal trade deals before Aug.1?<\/p>\n\n\n\n<p>Details of the Japan fund are vague with both parties characterizing it very differently: The U.S. sees it as a 90:10 partnership in the U.S. taxpayer\u2019s favour, with Washington dictating Japanese companies where to invest; Tokyo sees it as an investment pledge from Japan Inc. The U.S. is increasingly blurring the lines between creating an ecosystem that facilitates investments to what some are calling state intervention over business investments and activities. The most recent example: A US$400-million direct, China-style investment in rare-earth minerals company MP Materials by the Pentagon\u2014a deal that has been criticized by industry competitors for its overreach.<\/p>\n\n\n\n<p>The U.S. state creep poses a challenge for North American markets that are fair and free, but could start seeing U.S. federal-based entities coming to the fore\u2014a new generation of government-backed entities that Western governments have criticized autocratic states for over the past several decades.<\/p>\n\n\n\n<p>Canada has much to offer to the U.S. as an investor, but in the right circumstances. Canadian stock of U.S. foreign direct investment stands at US$812 billion, second only to Japan\u2019s US$819 billion. In theory, more Canadian investments could be channeled into the U.S., structured to enrich Canadian domestic supply chains as well. The continued integration of Canada and the U.S., in public and corporate sectors, should result in positive spill-over effects for Canada in terms of investments, business activity and trade. There are also may be plenty of room for a slew of joint Canada-U.S. projects\u2014in critical minerals, automotives, nuclear, fossil fuels and electricity, among others.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"502\" width=\"1024\" src=\"https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/07\/Trade-Zone-7.25-Chart-Private-and-foreign-investments1.png?quality=80&amp;w=1024\" alt=\"\" class=\"wp-image-17157\" srcset=\"https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/07\/Trade-Zone-7.25-Chart-Private-and-foreign-investments1.png 4000w, https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/07\/Trade-Zone-7.25-Chart-Private-and-foreign-investments1.png?resize=300,147 300w, https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/07\/Trade-Zone-7.25-Chart-Private-and-foreign-investments1.png?resize=768,376 768w, https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/07\/Trade-Zone-7.25-Chart-Private-and-foreign-investments1.png?resize=1024,502 1024w, https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/07\/Trade-Zone-7.25-Chart-Private-and-foreign-investments1.png?resize=1536,753 1536w, https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/07\/Trade-Zone-7.25-Chart-Private-and-foreign-investments1.png?resize=2048,1004 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>But if a joint fund of some description is on the table, it can\u2019t be a blank cheque to Washington.<br>It&#8217;s crunch time for Canada, which is also facing 35% tariffs for all non-USMCA compliant goods if a deal is not struck (Both Carney and Trump have downplayed chances of a trade deal by Aug.1.) We may have to contend with 15%, which seems to be the going rate, as <a href=\"https:\/\/www.theglobeandmail.com\/business\/article-european-union-tariff-deal-us\/\" data-dig-id=\"LP-17092-d0a9ec79\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Europe\" class=\"rbc-link-format\">Europe<\/a> appears to be resigning itself to that figure with Washington.<\/p>\n\n\n\n<p>That could prove to be positive for Canada.&nbsp;<\/p>\n\n\n\n<p>Assuming the USMCA preferred treatment remains intact, Canada seems poised to garner a \u2018best-in-class\u2019 access to the U.S. market. A possible weighted-average effective tariff rate of 2-3% is attractive both in absolute and comparative terms, assuming a 15% universal tariff rate on only 10%-20% of non-compliant USMCA trade. Essentially that\u2019s similar to most-favoured nation tariff rates (traditionally 2.5%).<\/p>\n<\/div>\n<\/section>\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 pad-t-0 mob-pad-t-0\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-rbc-dark-blue-tint-color has-text-color has-link-color wp-elements-ccee18b2d6b52bf309cf368fbcd72197\" id=\"h-3-questions-with\">3 questions with\u2026<\/h2>\n\n\n\n<p>In a week when Prime Minister Carney met with the Premiers, our Head of Thought Leadership Jordan Brennan reached out to <strong>Trevor Tombe<\/strong>, at the University of Calgary\u2019s School of Public Policy, to discuss interprovincial trade barriers\u2014and Trump.<\/p>\n\n\n\n<p><strong>Q: How much are interprovincial trade barriers costing Canada?<br><\/strong><strong>A:<\/strong> My research with collaborators suggests that Canada&#8217;s economy could increase by between 4.4% and 7.9% over the long-term\u2014a gain of between $110 and $200 billion per year\u2014if internal trade barriers are eliminated through mutual recognition policies. In specific sectors like trucking, these barriers add approximately 8.3% to freight rates, inflating business costs and reducing overall productivity. The smaller and generally lower income provinces, especially in Atlantic Canada, stand to gain far more than other provinces.<\/p>\n\n\n\n<p><strong>Q: What do you think the likely economic outcome of Bill C-5 will be?<br><\/strong><strong>A:<\/strong> Bill C-5 represents a significant federal effort to address internal trade barriers. However, we should be cautious about immediate GDP impacts. The $200-billion growth figure cited by some represents the upper end of estimates and assumes a massive levelling of trade barriers far beyond anything currently proposed. The real gains will come if provinces reciprocate with their own mutual recognition legislation, but we\u2019re seeing considerable momentum in that regard.<\/p>\n\n\n\n<p><strong>Q: Prime Minister Carney seems to believe that removing internal trade barriers will offset the economic harm associated with Trump\u2019s tariffs. How realistic is this belief?<br><\/strong><strong>A:<\/strong> The magnitude of interprovincial trade costs is larger than the costs of U.S. tariff disruptions but would take far longer to manifest. Over time, we could potentially more than compensate, but internal trade liberalization is not a sufficient short-term offset for immediate economic disruption.<\/p>\n<\/div>\n<\/section>\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 pad-t-0 mob-pad-t-0\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-rbc-dark-blue-tint-color has-text-color has-link-color wp-elements-b806bc1bd7a8f6f01485bbabe35d739f\" id=\"h-import-quotas-a-pain-point-for-the-u-s\">Import quotas \u2013 a pain point for the U.S.<\/h2>\n\n\n\n<p>Canada\u2019s supply management has caught the eye of the Trump administration, again. Critics from south of the border are <strong>zeroing in on import quotas<\/strong> specifically for dairy products.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Canada\u2019s supply management system is governed through import quotas, producer set prices, and production quotas for dairy, eggs, and poultry\u2013<strong>a policy to guarantee farmers\u2019 domestic market share and fair prices <\/strong>for products relative to farm inputs.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Import quotas are intended to limit imports within Canada\u2019s supply management industries. <strong>In recent trade negotiations, however, Canada has made greater concessions.<\/strong> For example, in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) negotiations, Canada agreed to provide participating countries with an estimated 3.25% of Canada\u2019s domestic dairy market.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>As Canada-U.S.-Mexico-Agreement (CUSMA), the Canada-European Union Comprehensive Economic and Trade Agreement (CETA) and CPTPP are phased in <strong>over the next 10 years,<\/strong> <strong>Canadian foreign market access is expected to climb to roughly 10% of Canada\u2019s dairy production<\/strong>.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>But as Canadian processors hold most tariff import quotas, <strong>foreign importers have argued that they have limited access to Canada\u2019s markets<\/strong> to fulfill their non-tariffed trade volumes negotiated in the agreement.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"696\" width=\"1024\" src=\"https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/07\/Trade-Zone-7.25-Chart-Dairy-Products.png?quality=80&amp;w=1024\" alt=\"\" class=\"wp-image-17139\" srcset=\"https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/07\/Trade-Zone-7.25-Chart-Dairy-Products.png 4000w, https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/07\/Trade-Zone-7.25-Chart-Dairy-Products.png?resize=300,204 300w, https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/07\/Trade-Zone-7.25-Chart-Dairy-Products.png?resize=768,522 768w, https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/07\/Trade-Zone-7.25-Chart-Dairy-Products.png?resize=1024,696 1024w, https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/07\/Trade-Zone-7.25-Chart-Dairy-Products.png?resize=1536,1044 1536w, https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/07\/Trade-Zone-7.25-Chart-Dairy-Products.png?resize=2048,1393 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>RBC Thought Leadership\u2019s latest report, <a href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/the-trade-hub\/supply-management-explained\/\" data-dig-id=\"LP-17092-69ca92f6\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Supply Management Explained,\" class=\"rbc-link-format\">Supply Management Explained,<\/a> explores the benefits and drawbacks of the system and its role in trade wars.<\/p>\n<\/div>\n<\/section>\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 pad-t-0 mob-pad-t-0\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-rbc-dark-blue-tint-color has-text-color has-link-color wp-elements-0c698eb425ceeb63279c3fb8f6c09970\" id=\"h-resourceful-northern-america\">Resourceful \u2018Northern America\u2019<\/h2>\n\n\n\n<p>Canada and the U.S. ramped up their commodity exports over the past decade, as both countries leverage their resource riches. The latest report from <a href=\"https:\/\/unctad.org\/news\/commodity-dependence-runs-deep-developing-countries-must-add-value-turn-tide\" data-dig-id=\"LP-17092-f9f75f3f\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"UN Trade and Development\" class=\"rbc-link-format\">UN Trade and Development<\/a> (UNCTAD) shows the two countries\u2014comprising \u2018Northern America\u2019\u2014raised their combined commodity exports to 13.1% of the global total by 2023, from 10.8% a decade ago. Other regions barely grew or lost market share during the period.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"705\" width=\"1024\" src=\"https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/07\/Trade-Zone-7.25-Chart-Commodity-exports.png?quality=80&amp;w=1024\" alt=\"\" class=\"wp-image-17142\" srcset=\"https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/07\/Trade-Zone-7.25-Chart-Commodity-exports.png 4000w, https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/07\/Trade-Zone-7.25-Chart-Commodity-exports.png?resize=300,206 300w, https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/07\/Trade-Zone-7.25-Chart-Commodity-exports.png?resize=768,528 768w, https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/07\/Trade-Zone-7.25-Chart-Commodity-exports.png?resize=1024,705 1024w, https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/07\/Trade-Zone-7.25-Chart-Commodity-exports.png?resize=1536,1057 1536w, https:\/\/www.rbc.com\/en\/wp-content\/uploads\/sites\/4\/2025\/07\/Trade-Zone-7.25-Chart-Commodity-exports.png?resize=2048,1409 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Commodity concentration:<\/strong> Canadian commodity exports\u2014energy, mining and agriculture, as defined by UNCTAD\u2014accounted for 55.8% of its total commodity exports in 2021-23, compared to 53.3% between 2012-14. The U.S. has become even more reliant: the three commodities made up 35.5% of all American commodity exports during the period, up from 29.5%. As both have earmarked energy, ag and mining as export priorities, they could become more dependent on the three commodities\u2014and their price volatility.<\/p>\n\n\n\n<p><strong>Agriculture rising: <\/strong>For Canada, agriculture was able to grow its export market share from 14.7% to 16.7%, with energy, at 17.4%, up only marginally. For the U.S., it was all about the shale evolution and LNG revolution.<\/p>\n\n\n\n<p><strong>Commodity contraction:<\/strong> Globally, commodity exports now account for 32.7% of all international trade in value terms, down from 35.5% a decade earlier.<\/p>\n\n\n\n<p><strong>Strive to diversify.<\/strong> Countries mainly exporting raw materials could miss out on the broader benefits of global trade, driven by diversification, innovation and value-added production. While that UNCTAD warning was directed at developing countries, it should not be lost on Canadian businesses looking to expand mining, energy and agriculture sectors.<\/p>\n<\/div>\n<\/section>\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 pad-t-0 mob-pad-t-0\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-rbc-dark-blue-tint-color has-text-color has-link-color wp-elements-408f946805dca92426d5663950f17857\" id=\"h-final-word\">Final word<\/h2>\n\n\n\n<p>\u201cIt\u2019s not our objective to have an agreement at any cost.\u201d<\/p>\n\n\n\n<p>\u2014<strong>Prime Minister <a href=\"https:\/\/www.nytimes.com\/2025\/07\/22\/world\/canada\/carney-trade-deal-trump.html\" data-dig-id=\"LP-17092-bd3ec7db\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Mark Carney\" class=\"rbc-link-format\">Mark Carney<\/a> on negotiations with the U.S.<\/strong><\/p>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-4bdc2f7d-8aeb-40b6-9b84-7ab0cb9208c7\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<p><strong>Contributors: <\/strong>Jordan Brennan, Shaz Merwat, Lisa Ashton, Reid Mckay, Yadullah Hussain, Caprice Biasoni<\/p>\n<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-4bdc2f7d-8aeb-40b6-9b84-7ab0cb9208c7 {\n\t\theight: 48px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-4bdc2f7d-8aeb-40b6-9b84-7ab0cb9208c7 {\n\t\t\theight: 100px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p>What Canada can learn from the U.S.-Japan deal<\/p>\n","protected":false},"author":89,"featured_media":17162,"parent":0,"menu_order":0,"template":"","meta":{"_acf_changed":false,"disable_focal_point":false,"featured_image_focal_point":{"x":0.58,"y":0.72},"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"rbc_tl_category":[207,116],"rbc_tl_tag":[],"class_list":["post-17092","rbc_tl","type-rbc_tl","status-publish","has-post-thumbnail","hentry","rbc_tl_category-the-trade-zone","rbc_tl_category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Trade Zone: 15% is the new 35% -<\/title>\n<meta name=\"description\" content=\"What Canada can learn from the U.S.-Japan deal\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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