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But how did Australia manage the move to free markets without the wrenching pain that producers fear? It accomplished that through transition measures that cushioned the lower prices received by producers.

Just as limiting the number of taxi cabs in New York City drove the market value of a single cab “medallion” to more than a million U.S. dollars, supply management has driven the value of a single cow dairy quota to around $30,000, or $3 million for a typical 100-cow herd. This makes dairy owners multimillionaires on paper, but presents a dilemma as to how they can cash out as retirement age approaches. It also presents an insurmountable barrier for the young farmers needed to renew the industry.

Government intervention created this dilemma, so government must help unwind it. It would be patently unfair to end supply management without compensation. Doing it right would allow dairy owners wishing to exit the business a means of realizing fair compensation, while also cushioning price drops for continuing farmers. The Canada West Foundation has published a thoughtful report on how these measures could be structured. The benefit to consumers would be significant, saving the average Canadian household with children $600 per year.

Let’s take stock of Canada’s position. Within Trump’s friend-or-foe mindset, our prime minister has been moved to the foe position. Our forest products, aluminum and steel industries are struggling under punishing tariffs. Our crucially important auto industry is threatened with a debilitating 25-per-cent tariff. The president has made it absolutely clear that exemption from these tariffs depends on a satisfactory outcome to the negotiations. And that requires an end to dairy supply management. This presents the best negotiating opportunity I’ve ever seen to “give up something the other side really wants” by changing something that’s also in the best interests of Canadians.

Gwyn Morgan is the retired founding CEO of EnCana Corp.