Canada has recorded a $19.5 billion deficit in goods and services trade, up from just $800 million in the first quarter, Statistics Canada reported Thursday.
Exports declined amid U.S. tariffs on Canadian goods, and the loonie closed some of the gap with its southern counterpart, the department said in its second quarter report.
The goods trade surplus with the United States – a pain point for U.S. President Donald Trump – narrowed from $31.3 billion in the first quarter to $10.1 billion in the second quarter.
If Canada has a trade deficit, that means it is importing more goods than it is exporting. The dollar figure – in this case, $19.6 billion in goods – represents the gap between those two amounts.
“Well, guess what’s happening in the middle of a trade war with the U.S.? We’re expo