Tariff rate appears manageable

Estimates from the US International Trade Commission (USITC) suggest that Canadian exporters faced an average tariff rate of just 2.5% in June. Even if that figure understates the bill, as we suspect, firms appear to be benefitting from USMCA exemptions to a greater extent than we first assumed. That, in turn, leaves scope for exports to recover even if the US and Canada fail to reach a meaningful trade agreement soon.

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