Canada’s international trade activity surged 4.8% higher year over year in May, the 19th straight increase. The main driver was an 8.6% rise in exports, including an 8.0% improvement in shipments to the U.S. The outperformance versus U.S. exports – which fell 2.5% – was repeated in both Mexico and across the Americas. In aggregate export growth across North and South America reached 2.0% year over year in May, indicating the cost to the U.S. of its tariff-led trade policies.