Canada’s manufacturing and factory sales have taken a significant hit

Source Cryptopolitan

Canadian factory activity stayed low in April, with a preliminary report showing a sharp fall in sales led by drops in petroleum, coal, and motor vehicles. At the same time, a group of visiting U.S. senators urged Canada to “give us another chance” on trade and tourism, seeking to shore up ties strained by recent tariff disputes.

According to Statistics Canada’s early estimate, manufacturing sales fell 2.0 % in April from March. The agency based this figure on responses covering about 59 % of its usual monthly survey. More complete results are due on June 13.

In March, manufacturing sales had already dipped by 1.4 %, the largest drop in seven months following a 0.2 % decrease in February. Analysts said the weakness reflected the first round of U.S. import tariffs on Canadian steel and aluminum, which took effect late in the previous quarter. Lower metal sales after four months of gains were a significant factor.

That same report showed inventories slid 0.7 % in March after two months of buildup. But new orders were up 1.0 % from February, suggesting some pickup in demand.

Additional data from S&P Global painted a gloomier picture. The Canada Manufacturing Purchasing Managers Index fell for the third month in a row, dropping to 45.3 in April from 46.3 in March. Any reading below 50 signals contraction, and April’s reading was the weakest since May 2020. Both output and new orders continued to weaken.

US senators have been urging Canada to refresh tourism and trade relations

Against this backdrop, five U.S. senators made a rare trip to Ottawa last weekend. They met Friday with Prime Minister Mark Carney, who has said he wants a fresh economic and security partnership with the United States despite what he called an end to the era of “deep integration.”

Republican Senator Kevin Cramer of North Dakota told Mercedes Stephenson on The West Block that stronger ties were vital. “We have to do this stuff together,” he said. “We’ll be better at it if we’re friends than if we’re just tolerating one another.… I’m just here to say thank you, and then to encourage Canadians to take another look and give us another chance.”

Relations between the two countries have chilled since President Donald Trump imposed broad tariffs on Canadian imports and suggested Canada could become the 51st U.S. state. Tourism has taken a hit, too. Statistics Canada reported four straight months of steep year-over-year declines in U.S. visitors to Canada, and some U.S. states have responded with ad campaigns to send Canadians back.

Virginia’s Democratic Senator Tim Kaine said bookings by Canadian tourists to his state are “down significantly.” He and his fellow senators wanted to ease worries in Canada. “We were aware, because we all have great friends in Canada, that there was a lot of anxiety about, well, gosh, what do Americans think of us?” Kaine said. “The five of us wanted to come to say, ‘Look, we love Canada.’”

Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin ETF Inflows For 2025 Now Outpace 2024, Data ShowsUS Bitcoin spot exchange-traded funds (ETFs) have seen more inflows this year so far compared to the same point in 2024, according to data.
Author  Bitcoinist
Jul 16, Wed
US Bitcoin spot exchange-traded funds (ETFs) have seen more inflows this year so far compared to the same point in 2024, according to data.
placeholder
Gold Price Forecast: XAU/USD gains momentum to near $3,650, eyes on US CPI releaseThe Gold price (XAU/USD) gains momentum to near $3,645 during the early Asian session on Thursday.
Author  FXStreet
Sep 11, Thu
The Gold price (XAU/USD) gains momentum to near $3,645 during the early Asian session on Thursday.
placeholder
Gold extends rally amid geopolitical risks and Fed rate cut bets; fresh record high and countingGold (XAU/USD) continues scaling new record highs during the Asian session on Tuesday and climbs beyond the $3,250 level amid a supportive fundamental backdrop.
Author  FXStreet
Sep 30, Tue
Gold (XAU/USD) continues scaling new record highs during the Asian session on Tuesday and climbs beyond the $3,250 level amid a supportive fundamental backdrop.
placeholder
What to expect from Ethereum in October 2025With broader sentiment worsening, user demand falling across the Ethereum network, and institutional investors pulling back, the coin faces mounting headwinds in October.
Author  Beincrypto
Sep 30, Tue
With broader sentiment worsening, user demand falling across the Ethereum network, and institutional investors pulling back, the coin faces mounting headwinds in October.
placeholder
Copper heads for weekly gain, aided by supply disruptionsCopper prices rose for the third consecutive session on Friday and are set for a weekly gain.
Author  Reuters
Oct 03, Fri
Copper prices rose for the third consecutive session on Friday and are set for a weekly gain.
goTop
quote