Financial Post: Canada’s trade diversification push will only 'partially offset' decline in U.S. trade
Canada’s exports to the United States have plunged, with shipments between January and April falling 26 per cent, a decline that Melissa Thomas of Blick Rothenberg called “one of the most significant trade contractions in recent Canadian economic history.” While exports to other countries rose 14.7 per cent in June, Ryan Greer of Canadian Manufacturers & Exporters warned this shift “will only partially offset” lost U.S. demand given that two-thirds of Canadian exports south of the border are intermediate goods. Greer added that some manufacturers are already losing long-time U.S. customers, noting, “The only way to fix our U.S. problem is to fix our U.S. problem.”
