Canada looks to diversify trade with Germany amid U.S. tariff threats

As they face tariffs from the U.S., Canadian companies and diplomats are looking at diversifying trade with European partners including Germany.

Canadian companies and diplomats are working with their European colleagues to find ways to diversify trade as the U.S. threatens to impose steep tariffs.

“We want to be part of the solution, in terms of creating new business opportunities and diversifying trade,” said Tjorven Bellmann, Germany’s ambassador to Canada.

She was speaking at a press briefing Wednesday ahead of the Hannover Messe, the world’s largest trade fair. It’s an annual event in Germany and Canada is this year’s partner country.

“It’s a truly timely opportunity, given the geopolitical circumstances and all the discussion here in the country about the need to diversify trade,” Bellmann said.

She said she’s one of the European ambassadors in Ottawa who have talking with each other and with corporations, researchers and government officials on both sides of the Atlantic about ways to boost trade.

Bellmann said there’s a lot of interest in capitalizing on a trade deal that Canada and the European Union signed in 2017 – the Comprehensive Economic and Trade Agreement, known as CETA.

“I’m asking the question to interlocutors throughout Canada that I meet with – how can we make CETA even more operational?” she said.

“Both sides have work to do on identifying opportunities.”