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LILLEY: Diversify, yes. Pretend Europe can replace America? No.

Canada should diversify exports, but after a decade of free trade with Europe, the numbers still don't come close to matching our trade with the United States.

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Prime Minister Mark Carney will host an investment summit in Toronto next week, then jet off to Strasbourg, France, to announce deeper ties with the European Union.

LILLEY: Diversify, yes. Pretend Europe can replace America? No. Back to video

There’s nothing wrong with that. Canada should diversify its trade.

The problem is that Carney increasingly talks as though Europe can replace the United States.

Just look at the hard, cold facts. In 2025, we exported a little over $400 billion USD to the United States but just shy of $31 billion USD to the entire EU. After a decade of having a free trade agreement with the EU, our exports have only increased by $8.4 billion after accounting for inflation.

That’s a significant increase in exports to the EU, but it equals about a week’s worth of trade with the United States. Figures published by the Library of Parliament show that, as with most of Canada’s major trading partners other than the U.S., we buy far more from the EU than we sell to them: $66 billion USD last year.

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