Canadian Economy Shrinks 1.6% as Trade War Crushes Exports
The Port of Vancouver in Vancouver, British Columbia, Canada.
Photographer: James MacDonald/BloombergThe Canadian economy contracted for the first time in nearly two years as the trade war with the US pummeled exports and business investment.
Canada’s gross domestic product shrank at a 1.6% annualized pace in the second quarter, Statistics Canada reported Friday from Ottawa. That’s the biggest decline since the Covid-19 pandemic.