Canada's Trade Surplus With U.S. Widens to $12.3 Billion in September Despite New Tariffs
Canada's trade surplus with the United States grew to $12.3 billion in September from $12.1 billion the previous month, driven by higher exports of gold and crude oil, even after new Section 338 tariffs took effect in late August.
Canada’s month-over-month trade surplus with the United States widened to $12.3 billion in September, up from $12.1 billion in the previous month, according to data from Statistics Canada. The increase occurred despite the implementation of new Section 338 tariffs in late August.
Exports to the U.S. rose 0.7 per cent in September, mainly due to higher shipments of unwrought gold and crude oil. Imports from the U.S. increased 0.4 per cent, driven by higher shipments of processing units.
The Section 338 tariffs were enacted after trade talks between Canada and the U.S. fell apart. Prime Minister Mark Carney criticized the breakdown, stating that last-minute U.S. demands were “uneconomic, unfair and undermined the net benefits to Canada.”