
Canadian exports surged ahead of new U.S. tariffs in August - RBC
Canada’s trade balance rose sharply to a $4.2 billion surplus in August, boosted by higher energy prices and a surge in exports ahead of new U. S. tariffs imposed late in the month. The monthly trade data is notoriously volatile, but looking ahead to September, energy prices continued to move higher with crude oil prices up another 16%. And global shortages of refined products are also driving Canadian energy exports higher—refinedproduct exports (like diesel) were up 13% excluding price impacts in August. But some U. S. buyers clearly rushed to import ahead of new tariffs imposed on August 22nd on another ~5% of U. S. imports from Canada—and that boost will reverse in September. By our count, Canadian exports to the U. S. of products targeted with the new 50% tariffs were up 40% year-over-year in August. From separately-reported U. S. data, the U. S. average effective tariff rate from Canada edged up just slightly to 3.2% from 2.8% in July, suggesting the bulk of those imports were ahead of the new tariffs imposed late in the month. Still, exports to the U. S. excluding tariffed products, and energy products rose ~16% by our count year-over-year. Shipments to non-U. S.












