Duty Calls: Canada And Us Trade Report

Canada achieved its largest trade surplus since January 2025 in April 2026, buoyed by higher oil prices and export volume growth. However, U.S. sectoral tariffs continue to pose significant headwinds for specific Canadian industries.

Key Takeaways

• 1.Canadian trade surplus hit its highest level since January 2025, driven by higher oil prices.
• 2.U.S. tariffs continue to impact specific sectors, with steel, aluminum, forestry, and motor vehicles showing reduced export volumes from Canada.
• 3.U.S. inflation remains pressured by cumulative tariff impacts, complicating the path for potential interest rate cuts.

Table of Contents

• Duty Calls: Canada & US Trade Report, April 2026

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