{
  "title": "Canada: 2025 Article IV Consultation-Press Release; and Staff Report",
  "publication": "IMF Staff Country Reports, January 21, 2026",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2026/01/21/canada-2025-article-iv-consultation-press-release-and-staff-report-573340",
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  "summary": "Canada is adjusting to the largest shift in North American trade policy since NAFTA. The economy has been more resilient than initially feared, supported by USMCA exemptions, resilient consumption, and policy cushioning.",
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      "heading": "Summary and context",
      "content": "- Canada is adjusting to the largest shift in North American trade policy since NAFTA.\n- The economy has been more resilient than initially feared, supported by USMCA exemptions, resilient consumption, and policy cushioning.\n- Elevated trade uncertainty has weighed on exports, investment, and confidence, reinforcing long-standing weaknesses in productivity and competitiveness."
    },
    {
      "heading": "Major findings",
      "content": "- Trade policy shift: Characterized as the largest shift in North American trade policy since NAFTA.\n- Resilience drivers:\n  - USMCA exemptions.\n  - Resilient consumption.\n  - Policy cushioning.\n- Adverse impacts:\n  - Elevated trade uncertainty has weighed on exports, investment, and confidence.\n  - Long-standing weaknesses in productivity and competitiveness have been reinforced."
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Subjects: Financial sector policy and analysis, Financial sector stability, Production, Productivity, Public debt, Tariffs, Taxes\n- Keywords: article IV consultation, Financial sector stability, Fund relation, Global, IMF team, IMF's article, MCM FSAP mission chief, North America, Productivity, Tariffs\n\n---\n\n Content in this bundle\n\n- 1canea2026001\n  - 1canea2026001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1canea2026001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: January 21, 2026",
    "Series: IMF Staff Country Reports",
    "Volume: 2026",
    "Pages: 74",
    "DOI: https://doi.org/10.5089/9798229035897.002",
    "Canada is adjusting to the largest shift in North American trade policy since NAFTA.",
    "The economy has been more resilient than initially feared, supported by USMCA exemptions, resilient consumption, and policy cushioning.",
    "Elevated trade uncertainty has weighed on exports, investment, and confidence, reinforcing long-standing weaknesses in productivity and competitiveness.",
    "Trade policy shift: Characterized as the largest shift in North American trade policy since NAFTA.",
    "Resilience drivers:",
    "Adverse impacts:",
    "Subjects: Financial sector policy and analysis, Financial sector stability, Production, Productivity, Public debt, Tariffs, Taxes",
    "Keywords: article IV consultation, Financial sector stability, Fund relation, Global, IMF team, IMF's article, MCM FSAP mission chief, North America, Productivity, Tariffs",
    "**1canea2026001**"
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