-
1497
John Cabot Claimed North America
John Cabot was an Italian navigator who claimed North America during his voyage from England. He provided England with the knowledge of an abundant new fishery (cod) in Newfoundland - it later became one of the very first resources exported to European countries from Canada. -
Period: 1497 to
Canada's Trade Timeline Since 1497
-
1537
Jacques Cartier Discovered the St. Lawrence River
He claimed the St Lawrence River for France. The river was the primary access that allowed international trade. The Great Lake cities were known to be trading posts located along the marine highway. The St. Lawrence region was considered to be both the industrial and agricultural mainland of Canada and the U.S.. -
King Henry IV of France Gave Fur Trading Rights to Merchants
Two Frenchmen, Radisson and Des Groseilliers, founded Hudson Bay. They discovered that the area was rich with fur. The fur trade business made many wealthy businessmen. -
Indigenous People
During early to mid 17th Century, Indigenous people played a great role in Canada's economy in terms of fur trade. The French produced an alliance with Huron-Wendat, Algonquin, and Innu people regarding trade and kinship. The aboriginals helped the French with both gathering beaver furs and allotting the fur to other aboriginal groups. This line of business was what helped Canada's economy at the time. -
The First Settlement was Created
The first settlement was established by Samuel de Champlain in what we now know to be Quebec City. This allowed France to take over the fur trade business in Canada. -
The Hudson Bay Company
The Hudson Bay Company was established on May 2, 1670. It was considered to be a major fur trading company. The Royal Charter was then applied to permit the Hudson Bay Company to trade with the Governor and Company of Adventures of England. Thus, many traders exchanged furs with manufactured goods such as kettles, beads, knives, etc.. -
The Banning of Canadian Fur Trade in the U.S.
The U.S. passed a law that prohibited any Canadians from selling furs in U.S.. This decreased exports from Canada. -
Treaty of Washington
The Treaty of Washington was established on May 8, 1871. This agreement permitted Americans to fish in Canada's inshore fishery for 12 years. As a repayment, Americans allowed Canadians to enter their fish market. On top of that, Americans gave $5.5 million. -
The Canadian Pacific Railway
This was built to unite Canada. A way of making transportation to be more accessible for people, goods and resources such as machinery, food, clothing, etc.. -
Industrial Age Developed in Canada
Happened during the early 1900s. The industrial age is when the economy changed drastically. During this time, it mainly focused on work, wages, and the income. The increase in shipping became more important as it was the key regarding the product distributions. -
World War I
During WWI, both mining and forest industries started to become high in demand. Canada was exporting iron ore from Bell Island mines to manufacture weapons and ammunition. Britain's increased demand for wooden beams resulted in a boost in the timber exports from Newfoundland and Labrador. Exports were rising, and rates stayed strong; hence, employment was ample. From 1914 to 1919, the exports have nearly tripled in value from $13M to $36M for the country. -
Great Depression
The Wall Street Crash lead to the Great Depression that occurred from 1929 to 1939. Canada's commodity prices dropped over 50%. The U.S. implemented the Smoot-Hawley Tariff Act which increased tariffs on Canadian goods. This resulted in harming Canada's economy. Canada then raised their rates on the American exports as well. Due to the drop in the stock market, both the production and consumption decreased drastically. -
Wall Street Crash
Due to the Stock Market Crash that occurred in New York, there was an enormous decline in trade. It was said that about 12.8 million shares were sold. As a result, Canada was greatly affected as both Toronto and Montreal lost billions in revenue. -
World War II
World War II started on September 1, 1939 and ended on September 2, 1945. Since there was massive destruction after the war, countries had to rebuild their cities. This then provided many corporations/companies with the opportunities to grow. Canada provided Britain with raw materials such as lumber and minerals, and it helped boost Canada's economy. Between 1939 and 1945, the Gross National Product (GNP) doubled for the country. -
United Nation (UN)
On the 24th of October, the United Nations was established. It was created to encourage international cooperations including international trades and businesses. -
100 Years After Canada Won its Independence
Canada won its independence on July 1, 1867. Hundred years later, the total value of the Canadian imports and exports have tallied out to being a third of the Gross Domestic Product (GDP). Annual exports have increased into the double digits when it came to forestry products, agricultural products, and industrial goods. -
Canadian-American Free Trade Agreement (CUSFTA)
This agreement was signed on January 2, 1988, and it was one of the first agreements that touched base on trade. This agreement is what provided the two nations, Canada and the United States of America, to have a liberalization regarding trade. The main purpose of this agreement is to not only eliminate tariffs, but to also reduce the amount of non-tariff barriers. -
Harmonized Tariff System (HTS)
The Harmonized Tariff System (HTS) was established on January 1, 1989. This was created so that any products brought into the U.S. would be taxed. The taxes on products are managed by the U.S.
Custom Services. As a result, Canada's exports to America decreased. -
NAFTA
NAFTA (North American Free Trade Agreement) was signed on January 1st, 1994. The agreement was established in order to create free trade between Canada, the United States, and Mexico. With the help of NAFTA, the trade and investment relations have greatly enhanced for the 3 countries. -
Foreign Investment Promotion and Protection Agreement (FIPA)
Former Prime Minister of Canada, Stephen Harper, signed an agreement with China. This agreement is valid for a minimum of 31 years. It is to promote free trade between Canada and China for both imports and exports. This is considered to be a bilateral agreement that was initiated by the Government of Canada. -
Comprehensive Economic and Trade Agreement (CETA)
The agreement was signed on October 30, 2016. The agreement promotes the values that Canada shares with the European Union and sets new standards in goods and services trade - it removed 98% of the tariff lines from the European Union for Canadian goods. -
Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)
This free trade agreement involves Canada and 10 other countries. It is to ensure an honourable and just trade environment in the Asia-Pacific region. The CPTPP also emphasizes on the protection of environment and the labour rights - successful Canadian initiatives. It was signed on March 8 and was put into effect on December 30. Sample exports benefited from CPTPP are: canola oil, lobsters, lumber and industrial machinery. Some imports affected are: vehicles, electronics and textiles. -
United States–Mexico–Canada Agreement (USMCA)
In 2017, President of the United States, Donald Trump, wanted to renegotiate NAFTA. It was not until October 1, 2018 when NAFTA was finally renegotiated and renamed to USMCA. The new agreement supports high-paying jobs for Americans and reduces North America’s trade uncertainty. Despite how the USMCA is similar to NAFTA, it offers inferior trade conditions for Canada. President Trump imposed high tariffs on all aluminum imports, making it a big disadvantage for Canada.
