Economy

Canada overcomes Trump’s tariffs with record exports

Canada overcomes Trump’s tariffs with record exports

WASHINGTON-The U.S. trade deficit expanded in June at the fastest rate since November 2016, driven by a stronger dollar and buoyant economic growth.

The trade gap narrowed to $626 million in June, down from $2.7 billion a month earlier, Statistics Canada said Friday in Ottawa.

In June, exports of goods and services fell 0.7 percent to $213.8 billion.

On Friday, Trump's chief economic advisor Larry Kudlow told Bloomberg TV that the administration will keep pressing China for trade reform after China on Friday announced a list of $60 billion in USA goods that will be impacted by a new tariff.

"We thought steel and aluminum tariffs would be the story of this morning's trade report, but strong export growth in most other sectors swamped the impact of those new duties", said Josh Nye, senior economist at RBC Economics Research.

Unlike the overall data, the figures for steel and aluminum were not adjusted for seasonality.

Canada's largest trading partner, the United States, was the destination for a record $37.1 billion of exports in June, up 2.5 per cent - mainly because of passenger cars and light trucks, Statistics Canada reported. The report raised expectations for a Bank of Canada rate increase in September to 39 per cent, from 32 per cent yesterday and 12 per cent a fortnight ago.

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"Trade deficit was much lower than expected in June".

The data underscored the importance to Canada of the United States, which took 73.0 percent of all Canadian goods exports in June. "As a result, trade is likely to subtract from GDP growth in the coming quarters, reversing the significant positive contribution recorded in Q2".

Rising oil prices also boosted the value of American crude exports, which were the highest on record at $20.4 billion. Aircraft exports alone were up 44.5 per cent to $984 million.

A dip in auto exports and rising oil prices in June drove the increase in the gap between United States imports and exports, the Commerce Department reported Friday.

Total exports rose 9.2 per cent in June compared to the same month past year. The government reported last Friday that trade contributed 1.06 percentage points to the economy's 4.1 percent annualized growth pace in the second quarter.

Imports of energy products decreased 15.1 per cent to $2.9 billion in June compared with May, as Canadian refineries came back on stream following spring maintenance shutdowns. While tariffs and the threat of retaliatory levies prompted a pickup in shipments of soybeans and some other materials, American exports of capital goods, vehicles and consumer goods declined in June, indicating trade may be of less help to the economy going forward.


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