There was no mention that April likely was the last month for some time that will not be affected by new US protectionist measures. April saw the announcement of countervailing duties against Canadian softwood lumber exports which reduced May exports by $165 million. At the end of June, anti-dumping duties on softwood lumber were announced that will further cut down on exports in July and beyond. The Trudeau government has still not decided on whether it will support a BC initiative to put an export levy on thermal coal, meant to punish US producers, but that would  sideswipe Alberta producers and provoke retaliation. The measures announced already will have, in fact already are having, knock-on effects, as Resolute Forest Products has cut shifts at seven sawmills. In June the economy expanded at a 2.7% annualized rate, but it still might be that the Bank of Canada’s forecast growth rate of 2.6% for the year errs on the high side rather than the low side.