Canada's Strategic Shift: Boosting Trade Beyond the US
In response to US tariffs, Canada is diversifying trade by engaging with allies other than the US, aiming to enhance economic resilience. While exports to the US dropped, Canada increased exports to countries like the UK and EU, though US remains a significant partner due to historical ties.

Canadian companies are actively seeking to mitigate economic fallout from US tariffs by expanding trade with global allies and smaller markets, government data reveals. Though these efforts have reduced dependency on the US, Canada's largest export market, the scope for diversification has its limits, according to economists and consultants.
Stuart Bergman, chief economist at Export Development Canada, emphasized the importance of diversification, clarifying that Canada isn't looking to replace US business entirely. Recent data show a 10% drop in Canadian exports to the US within a year, while exports of goods like cars, steel, and aluminum primarily suffered. In a response, Global Affairs Canada reaffirmed the country's commitment to expanding its trade footprint amid global trade challenges.
Despite Prime Minister Mark Carney's push for economic independence from the US, exports to the US still significantly outpace those to other countries. Data indicate a rise in Canadian exports to close allies, including the UK, EU, Australia, and new markets, but none match America's trade volume. The government is working towards a trade deal with the US as they continue to navigate an interlinked economy.
(With inputs from agencies.)
- READ MORE ON:
- Canada
- trade
- US tariffs
- diversification
- exports
- global markets
- economy
- gold
- exports to UK
- Mark Carney
ALSO READ
Global Markets Surge as U.S. Brokers Middle East Ceasefire
Global Markets Surge as Middle East Tensions Ease - Ceasefire Boosts Investor Confidence
Ceasefire Stabilizes Oil Prices: Relief for Global Markets
Global Markets Surge as Trump Announces Israel-Iran Ceasefire
Global Tensions and the Indian Economy: A Resilient Rupee Amidst Geopolitical Shifts