Canada Trade Surplus Grows Despite US Section 338 Tariffs
Canada reported a $12.3 billion trade surplus with the United States in September despite new U.S. tariffs on $27.6 billion in Canadian goods.
Canada's trade surplus with the United States grew to $12.3 billion in September, up from $12.1 billion in August. This increase occurred despite the late August implementation of Section 338 tariffs by the United States, which targeted approximately $27.6 billion in Canadian goods across sectors including electronics, plastics, furniture, alcohol, dairy, and auto.
Mark Carney, the Prime Minister of Canada, criticized the U.S. trade demands that led to the tariffs, describing them as "uneconomic, unfair and undermined the net benefits to Canada." The tariffs followed a collapse in trade negotiations between the two nations.
September export data showed a 0.7 percent increase to the U.S., primarily driven by unwrought gold and crude oil, while imports from the U.S. rose 0.4 percent. Following discussions with U.S. President Donald Trump, Carney announced that negotiators from both countries will work over the coming weeks to establish a "mutually beneficial trade deal."
