As expected the U.S. has launched a formal trade investigation into Canadian exports of softwood lumber. This follows complaints from the industry in late November and the collapse of talks to create a longer term agreement. Given the timings involved this could become President-elect Trump’s first major trade battle with Canada. Panjiva data shows Canadian exports by sea of the products concerned climbed 55% in November vs. a year earlier, with Tolko taking the most aggressive stance by increasing exports 163%.