COVID-19 lockdown measures hit aspects of trade hard. Merchandise trade volumes shrank by 3% in the first quarter of 2020, compared to the previous year average and estimates suggest an 18.5% drop for the second quarter. Services trade has been hampered by transport, travel and physical contact restrictions.
Trade Info You Can Trust
In The News
Here's how global supply chains will change after COVID-19
July 6, 2020
- The coronavirus crisis has revealed the fragility of the modern supply chain.
- Recent data shows the devastating economic impact as week-on-week trade in China, the US and Europe halved because of the crisis.
- Diverse sourcing and digitization will be the key to building stronger, smarter supply chains and ensuring a lasting recovery.
June 29: COVID-19 CBSA Commercial & Trade Update / COVID-19 Mise à jour en date du 29 juin 2020
June 30, 2020
Key Issues
Government Provides Update on Sales Tax and Duty Payment Deferral
CRA: Interest rates for the third calendar quarter
June 24, 2020
The Canada Revenue Agency (CRA) has announced the prescribed annual interest rates that will apply to any amounts owed to the CRA and to any amounts owed by the CRA to individuals and corporations. These rates will be in effect from July 1, 2020 to September 30, 2020.
New NAFTA takes effect next month. U.S. is already threatening legal challenges
June 19, 2020
The new North American trade agreement isn't even in effect yet and the Trump administration is warning Canada and Mexico they might face legal actions under the pact.
That threat came from U.S. Trade Representative Robert Lighthizer during hours of hearings Wednesday in the U.S. Senate and House of Representatives.