The Trump tariffs are not all bark… they have some bite too.
The latest trade numbers show Canadian exports to the US fell in May, hitting a low that hasn’t been seen since we’ve been keeping records.
According to StatsCanada, the US usually accounts for 76-percent of all Canadian exports. In May it fell to 68-percent.
It’s also clear the pivot is on.
Instead of selling to American buyers, Canadians shifted their focus to other markets… and they did it with some success as we hit record highs with exports to countries other than America. Exports to Europe have moved dramatically in the past year, doubled to Italy and up 300-percent to the UK.
But, before we get too excited, we have to dissect this a bit further to find that the big surge was in gold. Apparently, the UK was quite interested in buying unwrought gold from Canada in the month, perhaps a sign that the world is looking for a safe haven in a turbulent marketplace.
