Australia makes a good over the horizon radar that Canada wants to buy. We are also good at making wine that people seem to want to buy. I can only see this as a good thing. Protectionism comes at a cost, sometimes the cost may be worth it and often not. The car industry was kept afloat by the tax payers.
The world is more interconnected than ever and I believe this is a good thing. It is much harder to imagine a world war given the economic dependence between countries and people.