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A bitter trade war hasn’t dented Canadian investors’ appetite for American assets as they continue to pile into U.S. bonds.
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Investors in Canada picked up a net $9.2 billion of U.S. government bonds in April, the largest investment since November 2023, Statistics Canada reported Tuesday. Investors also bought $1.1 billion in U.S. Treasury bills and reduced exposure to U.S. stocks the same month — a volatile period for markets amid rising tariff tensions.
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The reduction comes after Canadians invested a record $29.8 billion in U.S. equities in February.
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Also in April, foreign investors dropped their exposure to Canadian securities by $9.4 billion, more than doubling the revised $4.2 billion decline a month earlier. That included a $25.1 billion divestment of Canadian bonds, the largest monthly drop since December 2018 as many two- and 10-year bonds reached their maturity. The reduction was mostly in private corporate bonds, with smaller drops in government bonds.
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The bond selloff was offset somewhat by foreign investors purchasing $11.6 billion in Canadian stocks in April, following a significant $40.6 billion divestment in the first quarter. Acquisitions in April were widespread, led by shares of energy and mining companies.
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Investors’ demand for U.S. assets comes as many Canadian consumers are avoiding American goods or travel in response to President Donald Trump’s tariffs and comments about Canada becoming the 51st state.
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—With assistance from Erik Hertzberg.
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English (US)