Canadian exporters have lots of reasons to be fearful. Anti-trade rhetoric is higher than at any point in recent memory. Free trade agreements are being scuttled, or renegotiated. There’s a real-time threat to the world’s largest economic union. With myths about the negative effects of globalization being promulgated by some of its greatest beneficiaries, and a disenchanted public all too willing to gobble it up, those in the international trade sphere could be forgiven for registering plunging confidence.

In fact, the political turmoil of the past year – the surprising Brexit vote, the unexpected US election outcome, current European political discourse and the like, are a prescription for tumbling confidence on a number of fronts. However, surveys are indicating the opposite. US consumer confidence has zoomed up to pre-recession heights for the first time since the international debacle. European consumers are seeing a surge of optimism, and current levels compare well with feelings in good economic times. European business confidence is at its highest point since the post-recession outpouring of stimulus, and is rising. And as mentioned before, buyers in companies all over the world are betting on a bulge of near-term growth.

This has been excerpted from a 22 June 2017 commentary by Peter G. Hall of EDC.