Carney says record trade deficit shows his plan is the right strategy – National [Video]

Prime Minister Mark Carney says the record trade deficit posted in April due to billions in lost exports to the U.S. proves his government’s economic strategy is the right one for Canada.

Statistics Canada on Thursday said the merchandise deficit grew to $7.1 billion in April from $2.3 billion in March, while overall exports fell nearly 11 per cent month-to-month. The drop was even larger for the U.S. amid crippling tariffs from Canada’s largest trading partner.

“The global economy is slowing, we all know that, and that has implications for Canada — we’re a trading nation,” Carney told Global News about the report as he headed to meetings on Parliament Hill.

“You don’t want to make too much of one piece of data, but there’s lots of indicators underneath that the strategy we’re pursuing to build the Canadian economy, to be masters of our own home, to have one Canadian economy not 13, to diversify our trading partners, that’s the right strategy for Canada.”