Canada diversifies trade amid US tariff policy — Reuters

According to Reuters, Canada is expanding trade with the EU and Asia to reduce dependence on the United States market. In May, the US share in Canadian exports fell 10% year-on-year, accounting for 68% of total exports. These shipments to the United States primarily included manufacturing products, as well as steel and aluminum goods.

Canada’s push to diversify trade stems from ongoing tariff disputes with the US. The country is working to mitigate the impact of import restrictions and expand its global economic footprint, as noted in a statement from Canada’s Ministry of Foreign Affairs and International Trade. However, Stuart Bergman, chief economist at Export Development Canada, emphasized that fully replacing trade with the US is impossible due to deeply integrated supply chains and historical ties.

Despite growth in exports to new markets, total shipments to countries outside North America rose only 42%, which was insufficient in monetary terms to offset a 15% decline in exports to the United States.