The difference between Canada's exports and imports narrowed from a negative $2.7 billion in May to $626 million in June, the smallest deficit since January 2017, fuelled by an increase in the value of total exports of 4.1 per cent while imports edged down 0.2 per cent, Statistics Canada reported Friday.
Higher shipments of passenger cars and lights trucks south of the border helped drive up Canadian exports to the United States by 2.5 per cent in June to a record $37.1 billion, Statistics Canada reported Friday.
Mr. Trump, who has repeatedly said that trade deficits are a sign US industries are losing out to foreign rivals, had imposed import tariffs on solar panels, washing machines and certain steel and aluminum products by June.
Exports of aluminum to the USA that were subject to a 10 per cent tariff were down seven per cent in June, following gains of 28.5 per cent from February to May.
Friday's data provided evidence that US steel and aluminum tariffs were having such an effect. Imports of iron and steel mill products fell a seasonally adjusted 19 per cent in June from May to $1.48 billion, while imports of bauxite and aluminum were down 10 per cent at $1.25 billion. Energy exports were up 7.1 per cent month over month, while energy imports were down 15.1 per cent.
Android powered Xiaomi Qin AI launched in China
One the other hand, the Xiaomi Qin1s runs on an Android-based MOCOR5 OS, which as mentioned before comes with AI voice features . The Qin AI smartphone has been listed by Xiaomi on Youpin , its crowdfunding platform for Yuan 199 (approximately Rs 1,990).
China threatens tariffs on $60 billion in USA goods
The US trade deficit swelled in June by the largest amount in 19 months, reversing much of May's trade-war driven export bonanza. Still, two senior diplomats met earlier on Friday on the sidelines of a regional summit in Singapore.
USC School of Cinematic Arts suspends Leslie Moonves from board
CBS said on Friday it would launch an investigation into the allegations via outside counsel. The fallout was also not only limited to the university's Cinematic Arts program.
The result could weigh on revised calculations of second quarter growth, which President Donald Trump hailed as a key achievement of his economic policies last week after it was reported as the strongest GDP increase in almost four years.
Economists also noted that the return of several Canadian refineries in June from shutdowns in April and May was a significant factor in both the export and import figures, as Canada had more energy products available for export and had less demand for energy imports to make up for the lost domestic production.
And bilateral United States deficits widened with China, the European Union, Canada and Mexico, all trading partners that have retaliated against President Donald Trump's multi-front global trade war.
"Exports are key to the Bank of Canada's forecast for sustained GDP growth over the coming year, so June's data will certainly please them".
Trade actions could also limit GDP growth in the quarters ahead alongside this tax cut boost.
The Canadian dollar was little changed at C$1.3001, or 76.92 US cents. This led to a 36.8 percent decline in exports of affected steel products to the United States, following a spike in previous months. Economic growth is on track for a 3 per cent annualized pace in the second quarter, and the trade data bolsters the case for another central bank rate increase by October, he said.