Canada July trade surplus plunges to C$769M on weak exports, tariffs loom

Canada's trade surplus collapsed to C$769M in July from a revised C$4.2B in June, far below the C$3.57B consensus, as energy and metal exports fell and imports rose. The drop predates the full impact of new 50% US tariffs, which will likely further pressure exporters in coming months. This signals a sharper-than-expected deterioration in Canada's external position, raising downside risks to Q3 GDP.