Eighty-eight per cent of Canadian business leaders believe the biggest risk to their company would be losing duty-free access to the U.S. market through the North American trade pact, says an annual pre-budget survey by KPMG. Nearly as many think at least some tariffs are here to stay. (The Logic)

Talking point: President Donald Trump granted a carve-out from his 35 per cent fentanyl-related tariffs to goods that comply with the United States-Mexico-Canada Agreement (USMCA). This has helped shield the economy from the full force of the tariffs, while also upping the stakes for the outcome of next year’s review of the deal—so much so that 80 per cent of the 501 survey respondents said a bilateral deal with the U.S., excluding Mexico, would be an acceptable outcome. Joy Nott, a partner at KPMG, said the trade war pushed USMCA into the spotlight. “When that’s threatened, suddenly everybody recognizes the importance of it.”