With all the talk around trade deals wrapped up in a blanket of tariffs and disputes, tracking the nation’s overall trading position has become a bit more mainstream.
It’s no longer only economists or trade specialists who look at this stuff. Now, businesspeople, policy makers and even those who like to spend time in the U.S. in the winter are sitting up and taking notice.
We now have an update on Canada’s global trading position and, despite the imposition of tariffs and a general feeling of discomfort around the world, we have returned to a surplus. This means we are selling more than we are buying.
It’s the first time in almost two years that Canada has had a trade surplus with the world. And when you narrow it down a bit further to look only at the U.S., our surplus was relatively unchanged in August. Steel, which is subject to a 25-per-cent tariff, saw exports rise. However, there was a double-digit decline in aluminum shipments, which attract a 10-per-cent tariff upon entering the American market.