Donald Trump won’t like this.
America’s trade deficit with Canada grew by $3 billion in July to $6.7 billion from $3.7 billion.
That’s a big jump but it is not because tariffs on Canadian products heading south were a deterrent. In fact, they went the other way: Canada’s exports rose while imports from the US declined.
And fuel was a big part of the increase in products headed south. The value of petroleum products went up – both in terms of volume and price – in July while nuclear fuel exports rose by nearly 50-percent.
The other big gainer was automotive. Interestingly, while exports to the US were on the rise, Canadian shipments to other markets pulled back in July as our trade deficit with nations other than the US rising by a couple billion dollars.
What was going down in July was shipment of precious metals: things such as unwrought gold which had seen strong demand through most of 2025 as investors looked for a safe haven in turbulent economic times.
