Fitch Ratings said on Thursday that early signs of economic disruption from recent US tariffs emerged in January, with a marked surge in US imports as businesses rushed to front-load shipments.
According to a report by the global ratings agency, the sharp rise was led by industrial supplies and consumer goods, showing a clear pre-tariff stockpiling pattern.
Canada's exports to the US spiked during the same period, particularly in motor vehicles, industrial machinery, and metals. Canadian auto exports rose 17% month-on-month, reaching their highest level in nearly six years. Meanwhile, Japan saw an uptick in shipments to Mexico.