Canadian trade activity growth slowed to just 2% in May with unchanged exports and a 4% rise in imports. Shipments to the U.S. (74% of the total) actually fell by 0.4% even before the implementation of section 232 metals duties. Those duties, and Canada’s retaliation on products equivalent to 4% of U.S. exports to Canada, will slow trade further. The bigger challenge will come from the auto industry, whose exports globally fell 15% in May and 5% in the past three months. The U.S. section 232 review of the automotive industry and stalled NAFTA negotiations both raise the prospect of lower...