Core Viewpoint - The ongoing impact of U.S. tariff policies is leading to a decline in key export sectors in Canada, as evidenced by recent statistics from Statistics Canada showing a decrease in manufacturing and wholesale sales [1] Manufacturing Sector - In August, manufacturing sales in Canada fell by 1% month-on-month, with a 1.5% decrease in sales volume after excluding price factors [1] - The decline in manufacturing is primarily attributed to a reduction in transportation equipment sales, following a record increase in July [1] - Despite facing trade barriers from U.S. tariffs on aluminum products, the base metals sector experienced significant growth, with aluminum sales rising by 45% month-on-month [1] - Overall manufacturing inventory increased by 0.3%, indicating persistent supply chain adjustments despite the sales decline [1] Wholesale Sector - Wholesale sales in August decreased by 1.2% month-on-month, with a 1.3% decline in sales volume [1] - Key categories such as automotive parts, food, and beverages showed weak sales, contributing to the overall poor performance [1] - Wholesale inventory rose by 0.7%, reflecting a combination of weak demand and ongoing supply chain adjustments [1] Employment Impact - The U.S. tariffs on steel, aluminum, and automobiles have had a substantial impact on Canada's export-oriented manufacturing sector, as indicated by a significant loss of jobs in the manufacturing sector, with nearly 10,000 jobs lost year-on-year in July [1]