The Daily Friday, August 2, 2019
Press Release
August 2, 2019
Canadian international merchandise trade, June 2019
Canada’s exports were down 5.1% in June, while imports fell 4.3%. As a result, Canada’s merchandise trade balance remained in a surplus position, settling at $136 million after posting a $556 million surplus in May.
Impact of recent tariffs on Canada’s merchandise trade
On March 1, 2018, the United States announced its intent to impose import tariffs of 25% on Canadian steel products and 10% on Canadian aluminum products; these tariffs came into force on June 1. In response, on May 31, Canada announced its intent to impose retaliatory tariffs of 25% on imports of US steel products and 10% on imports of US aluminum products and various other products; these tariffs were implemented on July 1. Both governments lifted their respective tariffs on May 20, 2019. The impact of these tariffs on Canada’s exports and imports was noteworthy and varied by product group.
IBF4
