Helped by volatile gold shipments, the May deficit was down from a record in April and continued to reflect fluctuating tariff policy in Canada’s biggest trade partner and neighbor.

Canada's trade deficit in May narrowed after a record-breaking deficit in April as total exports rose and imports fell even as the impact of U.S. tariffs dented shipments south of the border, data showed on Thursday.

OTTAWA — Statistics Canada says the country's merchandise trade deficit narrowed to $5.9 billion in May as gold exports climbed higher.

The Trump administration is stepping up pressure on trading partners to quickly make new deals before a Wednesday deadline, with plans for the United States to start sending letters Monday warning countries that higher tariffs could kick in Aug.

Major US trading partners hurried over the weekend to secure trade deals or lobby for extra time, while Treasury Secretary Scott Bessent indicated that some countries lacking an agreement by the deadline Wednesday will have the option of a three-week extension to negotiate.