Wednesday, February 11, 2009

Record Setting

December marks Canada's first monthly merchandise trade deficit since March 1976.

In a weird way, we're in the same boat in the Chinese - the US is unwinding its imbalances with both of us.

UPDATE: How does this make sense?
"As if markets needed more evidence that global trade is collapsing fast enough to spark growing worries regarding protectionist sentiments," said economists at Scotia Capital Markets Inc. "But we got it via evidence of a weaker than expected trade picture in Canada and the U.S."

I would have thought that 'no global trade' is an almost perfect substitute for protectionism.

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