It's a country with tons of raw resources and a large consumer market, they're the "dream partner" for the large blocks (USA/China/EU, and Japan/India a bit behind). You buy their resources, they make a lot of money from it, you turn it into a final product and you make a lot of money from the value added, everyone is happy.
It's really weird that the US is suddenly not happy about this arrangement, and for resource-starved EU it's a golden opportunity; of course we will happily buy if the US doesn't want to anymore. That's why there is so little friction showing up (there will be more later, of course, but relatively little), why Canada can get so many deal quickly with everyone during this turnaround, it's that obvious of a win for everyone involved.
(as usual, the key blocking point that will need lots of work will be food, even more than it is with the US, I wish we could scrap that entire part to get a v1 going quickly but alas it's not how trade deal work)