S. Korea extends current account surplus in July amid strong exports

Canada's trade surplus with the United States shrank sharply in July to C$5.9 billion, down from C$10.3 billion in June, according to national statistics agency Statistics Canada. The decline was attributed to falling prices for oil and precious metals, as well as the imposition of US tariffs on Canadian exports. The trade surplus in July was C$769 million, a significant drop from C$4.2 billion in the previous month.

Exports to the US, where a large portion of Canada's crude oil is shipped, fell by 6.6% in July, marking the steepest percentage decrease in such exports since April 2025. The trade surplus with the US had nearly halved to C$5.9 billion in July, compared to C$10.3 billion in June. US President Donald Trump's threat of tariffs up to 50% since taking effect has added to the pressure on Canada's exports.

Canada has retaliated with its own measures set to take effect next week, as ongoing trade talks between the two neighbors have reportedly broken down. The looming trade war is expected to negatively impact trade between the two nations, prompting Ottawa to encourage consumers to support Canadian products.