Trade relationships with Canada and the United Kingdom have been going on for decades now. The two countries have quite a large number of industries that are interwoven with each other in terms of both profits and losses.

The upcoming no-deal Brexit is one of the primary concerns of both the UK prime minister and Canada's president at the moment, but a preemptive agreement has been made that trade relations would continue without any serious changes.

However, despite the trade relations resuming without a fluke, Canadian industries may soon have to find new routes towards the EU market as right now, the UK accounts for much of the Canadian exports heading over to Europe.

Furthermore, the UK is one of the largest Canadian service importers, right behind the United States, therefore that part of the agreement will have to be addressed one way or another as well.

But besides the rambling that everything’s going to change between Canada and the United Kingdom, let’s actually find out at least three Canadian industries that will take a major hit because of Brexit.

The Gaming industry

Much like commodities and other goods, Canada and the United Kingdom are also interwoven in the exchange of services by their local companies.

Many of such companies belong to the gaming industry in both countries. Based on the fact that both the UK and Canada have a very similar regulatory framework when it comes to online gaming, local companies find it more profitable to “exchange” their user bases.

The simplest way to put it is that Canadians don’t have the right to use the services of gaming websites based in Canada, and the same thing goes for the UK. Because of such odd regulations, it’s not uncommon to find UK citizens playing on Canadian online casino websites and vice versa.

Due to the changes in overall revenue generated for the UK government through corporate taxation, the parliament has already decided to introduce higher taxes to the gaming industry. The reason was named to be the containment of problem gaming in the country, but in reality, it’s just a way to shore up the budget’s underperformance in recent months.

Due to this, Canadians may find it hard to play on UK-based gaming websites, while Canada-based gaming websites will face larger taxes alongside potential regulation changes to accommodate a new economic zone.

The Gold mining industry

Canada’s main export to the United Kingdom right now is Gold. Having such a crucial commodity face some issues because of Brexit is going to take a serious toll on both of the countries’ economies, especially considering the fact that just gold exports number in the hundreds of millions.

This may easily be mitigated by Canadians diversifying their gold exports to other countries as well. However, any type of issues with the gold trade between the two countries could cause a significant shit in the gold price.

Considering the fact that Canada is one of the largest gold producers in the world, the disparity between demand and supply is definitely going to take a toll on the price. The only way to shore up this issue if to find alternative countries to export the commodity to, as mentioned above. This could potentially be Latin American countries.

Although there are other industries which could take a large hit because of shifts in supply and demand, the two listed above are in the largest danger due to direct correlation with the United Kingdom.