Canadian shipments to the U.S. tanked 6.6 per cent in March. Statistics Canada says efforts to ramp up exports to other countries almost entirely made up for the drop. (The Logic)

Talking point: The change offers an early indication of how tariffs imposed by the U.S. have redirected Canadian trade. The merchandise trade surplus with the U.S. shrank from $10.8 billion in February to $8.4 billion in March, as U.S. tariffs and Canadian retaliatory measures took hold. The drop in exports in March was partially offset by an 11.8 per cent increase in shipments of passenger cars and trucks, though that was before U.S. President Donald Trump imposed tariffs on foreign-made autos in April. In the same period, imports from the U.S. to Canada fell 2.9 per cent. Despite the recent dip, exports to the U.S. were still relatively strong, sitting about 2.5 per cent higher in March than they were in November 2024.