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Canada International Trade (Feb 2025)

The large fall in exports in February was to be expected given the (albeit temporary) imposition of tariffs on goods imports into the US that month. While Canada may have gotten off relatively lightly on “Liberation Day”, today’s data area a reminder that the 25% tariff on non-USMCA-compliant goods imports and sector-specific tariffs on autos will have a sizeable impact on GDP growth this year.

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