Canada’s trade deficit swelled to the largest on record in April as Donald Trump’s tariffs tanked exports to the United States.

Statistics Canada said Thursday Canada’s overall merchandise trade deficit grew to $7.1 billion in April from $2.3 billion in March due to a “significant, widespread decline in exports.”

Exports fell 10.8 per cent to the lowest level since June 2023, driven by an almost 16 per cent drop in exports to the U.S.

“The April trade figures were unsurprisingly ugly in the face of the ongoing trade war, with the doubling of steel and aluminum levies in June suggesting that Canada won’t be out of the woods for at least the next couple of months,” Shelly Kaushik, senior economist at BMO Capital Markets, said in a note.

More to come …

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