Canada’s international trade activity dropped by 33.4% year over year in May due to a 34.1% slide in exports. The drop was due to reduced shipments to the U.S. and Mexico, reflecting widespread industrial closures in all three countries as the result of COVID-19 and came ahead of the implementation of USMCA on July 1. Exports to China actually improved by 11.9% after declining steadily since Q2’19. That may not prove sustainable as disagreements surrounding Huawei and potentially Nortel could take a toll on relations with China. Canada’s downturn means all 26 countries to report data for...