1040 ET – Canadian net trade will be a positive for 4Q GDP, but that doesn’t mean exports are recovering particularly strongly from the declines seen over the spring of 2025, says CIBC Capital Markets’ Andrew Grantham. Exports were up in December, but export volumes remained almost 5% lower on a year-over-year basis, Grantham says. “There remains great divergence by sector, with exports of products hit hardest by U.S. tariffs generally still depressed, which highlights the importance of renegotiating CUSMA and maintaining the tariff exemption for other products covered by that trade deal.” (robb.stewart@wsj.com; @RobbMStewart)