Well, the numbers posted here should dissuade anyone who thought we would be unscathed, if they exist:
Canada posted a merchandise trade surplus with the U.S. of $3.6 billion in April, the smallest surplus with the country’s largest trading partner since December 2020. The result came as exports to the U.S. fell 15.7 per cent and imports from the U.S. dropped 10.8 per cent.
Meanwhile, Canada’s trade deficit with countries other than the U.S. was $10.7 billion in April compared with $9 billion in March. Exports to countries other than the U.S. rose 2.9 per cent to $18.3 billion in April, while imports from countries other than the United States gained 8.3 per cent to hit a record $29 billion.
So, pretty much what I was expecting. We are shifting trade to other countries, but not enough to offset the losses in trade with the US. It’s a good start, but will take a lot more time and effort to become better. As I’ve said all along, this is a years-long, probably decades-long project.