News that U.S. presidential candidate Hillary Clinton had joined the entire rest of the democratic field in opposing the Trans-Pacific Partnership may well sound the death knell for the agreement. It also raises a few interesting possibilities about where things go next. Yes, it's politics. And yes, we went through something similar with Obama and his promise to renegotiate NAFTA. But this is different.
The finalized TPP opens up 3.25 per cent of Canada's dairy market to foreign products. Right away, Stephen Harper announced that his cabinet has approved a plan to spend a hefty $4.3 billion in compensation to soothe the vocal dairy industry. It would be another whole day before Harper announced the significantly lower $1 billion in compensation for the auto sector. Canada just entered the global tax subsidy race, and the dairy industry got the first golden egg.
Indian Prime Minister Narendra Modi arrives in Canada for his first official visit today, drawing attention to the opportunity that India offers for the Canadian economy. Prime Minister Stephen Harper and his Conservative government have made global market access a priority, and India, a Commonwealth cousin, is at the top of the list.