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U.S. President Donald Trump’s America First strategy has worked like a charm as the North American Free Trade Agreement has come at the expense of its trading partners Canada and Mexico, according to a new report.

C.D. Howe Institute notes that the U.S. will be the biggest beneficiary of the revamped tripartite North American deal, with both Canada and Mexico expected to lose revenue, exports and investments and economic welfare of citizens.

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Canada’s economy could shrink by 0.4 per cent and economic welfare will decline by more than US$10 billion.

“While the net protectionist features of the CUSMA (Canada, U.S. and Mexico Agreement), result in overall negative economic welfare impacts for all parties,the United States experiences a sufficient increase in prices to generate a modest increase in the value of its GDP at post-shock prices, despite the decline in real GDP of -0.096 percent,” authors Dan Ciuriak, Ali Dadkhah and Jingliang Xiao, wrote in a report published Thursday.