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The Canadian economy contracted for the first time in nearly two years as the trade war with the US pinched exports and business investment. Canada’s gross domestic product shrank at a 1.6% annualized pace in the second quarter, Statistics Canada reported Friday from Ottawa. That’s the biggest decline since the Covid-19 pandemic and the first contraction in nearly two years.

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  • Shadow@lemmy.ca
    62·
    10 days ago

    Exports fell 27% on an annualized basis as US tariffs on Canadian goods shattered the country’s shipments abroad

    27% is pretty significant.

    • HikingVet@lemmy.ca
      122·
      10 days ago

      With trade deals with other countries set to kick in this should only be temporary.