- Canadian exports to the US rose 8.1% in August while imports from the US fell 2.5%, widening the bilateral surplus to C$11.2 billion ($7.9 billion) from C$6.1 billion in July.
- Importers front-ran new tariffs imposed by the Trump administration toward the end of August, pulling forward shipments that would otherwise have landed after the duties took effect.
- The C$5.1 billion month-over-month widening is the largest positive swing ever recorded in Canada's trade balance with the US, underscoring the scale of the pull-forward distortion.