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[{"text": "Canada, which is preparing to speed up tariff cuts with the U.S., recorded a 47% narrowing in its trade surplus with the U.S. in August, Statistics Canada, a federal agency, reported."}, {"text": "U.S. exports to Canada jumped 11.2% in August from July while U.S. imports from Canada rose only 2.7%."}, {"text": "As a result, Canada's trade surplus with the U.S. narrowed to C$656.5 million (US$558 million) in August from C$1.23 billion (US$1.04 billion) in July."}, {"text": "U.S. exports benefited in August from heavy Canadian spending on new plant and equipment and a pickup in Canadian auto demand, Canadian officials said."}, {"text": "The U.S. and Canada, which do more trade than any other pair of nations, are to meet next month to arrange an acceleration of planned tariff cuts under the U.S.-Canada free trade agreement."}, {"text": "Industries in both countries have requested a speedup of tariff cuts on hundreds of products."}, {"text": "Some tariffs were eliminated when the trade pact took effect Jan. 1."}, {"text": "The remainder were to be phased out in five or 10 annual installments, with all tariffs eliminated by January 1998."}, {"text": "The two countries aim to reach an agreement by early December on a package of accelerated tariff cuts that would take effect early next year."}, {"text": "Canadian officials said the trade pact has kindled an export interest among many small Canadian companies that previously had little or no foreign sales."}, {"text": "For such businessmen, the Canadian government is organizing 55 missions this year to U.S. states bordering on Canada."}, {"text": "The businessmen are introduced to potential agents and distributors and instructed in trade procedures."}, {"text": "The U.S. Commerce Department is planning to try out similar trips on U.S. businessmen in coming months under its Canada First! Outreach Program."}, {"text": "Participants in the U.S. missions to Canada are to be assisted by members of the Service Corps of Retired Executives, a volunteer group, in dealing with their export challenges."}, {"text": "The Canadian government also has recently opened new trade offices in San Diego; San Juan, Puerto Rico; Miami; Princeton, N.J., and Denver, bringing the total number of such Canadian offices in the U.S. to 27."}, {"text": "The U.S. has six trade promotion offices in Canada."}, {"text": "Canada's export effort has been blunted by robust home market demand and by an 18% appreciation of the Canadian dollar against its U.S. counterpart in the past three years that has made Canadian goods more costly in the U.S."}, {"text": "Canada's trade surplus with all countries narrowed to C$203.5 million in August from C$528.3 million in July, Statistics Canada said."}] |