Canada-U.S. trade down almost $2 billion since early 2024

Dolan said precious stones and metals saw the largest percentage increase in total bilateral trade over the two years, rising by $2.8 billion. There was also a 52 per cent increase in two-way trade in cocoa and related products and a 15.5 per cent increase in aircraft and parts.

On the export side, the largest gains were also in cocoa and related products, up 58.8 per cent, as well as electronics — which saw a 9.2 per cent increase — and salts, sulphur, earth, stone and cement, which went up 57.9 per cent.

The largest decline in two-way trade was in motor vehicles and parts, which fell by 18.9 per cent, or $6.7 billion.

Dolan said other notable declines in total bilateral merchandise trade were in iron and steel, which was down 43.5 per cent, and mineral fuels and oils, which was down 3.3 per cent.

The U.S. is ramping up pressure on Canada ahead of formal talks on CUSMA, the Canada-U.S.-Mexico agreement on trade, and U.S. President Donald Trump has also threatened to slap new tariffs on Canadian goods.

The new round of 50 per cent tariffs on a range of Canadian goods is set to take effect on Aug. 19. Unlike most of Trump’s other tariffs, these tariffs would have no exemptions for goods compliant under CUSMA.

United States Trade Representative Jamieson Greer has said the tariffs are a response to provincial bans on U.S. liquor, Canada’s supply managed dairy system and quotas on certain U.S. vehicles.

Speaking to reporters at a housing announcement in Toronto on Wednesday, Carney said Canada is “in the middle of negotiations” with the U.S. When asked about the likelihood of Canada fending off the tariffs, the prime minister said: “We’ll see.”

Carney said Canada-U.S. Trade Minister Dominic LeBlanc, Canada’s Chief Trade Negotiator Janice Charette and Canadian Ambassador to the United States Mark Wiseman are taking part in “a series of meetings” in Washington this week.

LeBlanc and Charette had a meeting with the National Association of Manufacturers’ president and CEO Jay Timmons on Tuesday afternoon.

They both had meetings with Republican Senators Kevin Cramer and Bill Hagerty on Wednesday.

Exports of goods and services to the U.S. totalled $709.6 billion in 2024 and $683.3 billion in 2025. Imports totalled $618.3 billion in 2024 and $604.1 billion in 2025.

This report by The Canadian Press was first published Aug. 5, 2026.

— With files from Anja Karadeglija

Catherine Morrison, The Canadian Press

by The Canadian Press

Canada-U.S. trade down almost $2 billion since early 2024

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