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Still, on the surface, there were no obvious examples of fundamental harm. The limits on automobile exports remove the threat of future duties, and appear to be set at a level that Canada would struggle to reach anyway. It was inevitable that American dairy farmers would get improved access to the Canadian market because the Trudeau government accepted similar provisions to secure a trade agreement with the EU and the other 10 members of the TPP. (Trudeau also promised that dairy farmers would be compensated for any losses.) More optimistic retailers will note that Canadian shoppers still will be expected to pay sales taxes on most of the purchases they make within their new duty-free threshold.

The value of trade certainty was reflected in the loonie, which was nearing 78 U.S. cents, the highest since May.Perrin Beatty, the president of the Canadian Chamber of Commerce, said his group was “delighted” by the apparent deal. “This step forward comes as a relief for our members have been searching for much-needed clarity and predictability in the relationship with our (North American) partners,” he said in a statement. Rona Ambrose, the former Conservative cabinet minister who advised the government on the NAFTA talks, tweeted that the revised agreement would “ease investor anxiety” and “reassure the world that North America remains committed to free trade.”

Ambrose’s sentiment is right, but she makes the mistake of equating low duty rates with “free trade.” In fact, the USMC shows the U.S. is bent on dictating the terms of commerce, and smaller partners can either go along or be subject to years of harassment and abuse.

Trudeau did well to avoid a major disruption in trade rules that would have hurt investment and further monopolized the time of the trade professionals at Global Affairs Canada. The latter is important, because if Trudeau is serious about freer trade, he will need those men and women to pursue that goal somewhere other than North America.

• Email: kcarmichael@nationalpost.com | Twitter: carmichaelkevin