Canada‑U.S. trade down $2 billion amid looming tariffs

The value of Canada’s trade with the United States fell by about $1.9 billion (0.6%) between the first quarter of 2024 and the first three months of 2026, bringing total two‑way trade in goods and services to $322.8 billion. Exports dropped 1.6% ($2.8 billion) to $169.6 billion, while imports rose 0.6% ($935 million) to $153.1 billion.

Precious stones and metals posted the largest percentage increase, and trade in cocoa, aircraft parts, electronics and various minerals also rose. The biggest declines were in motor vehicles and parts (down 18.9%, $6.7 billion), iron and steel, and mineral fuels.

The United States is increasing pressure ahead of formal CUSMA negotiations, and President Donald Trump has announced a new round of 50% tariffs on a broad range of Canadian goods, set to take effect on 19 August with no CUSMA exemptions. Canadian officials, including Global Affairs spokesperson Rachael Dolan, Trade Minister Dominic LeBlanc and Chief Trade Negotiator Janice Charette, said Canada is in the middle of negotiations and will assess its response.