Two studies suggest ending trade deal would do minor damage
The central bank is also keeping close tabs on the rise in protectionist sentiment in some parts of the world and what it might mean for the Canadian economy
Imports rose 2.4% to $49.8 billion
Canadian exports south of the border rose 5.4% to a record high $36.1 billion in April
Economists had expected a surplus of $500 million
The proposed tax measure would hurt current account balances and GDP growth for major exporters to the U.S.
However, export volumes continue to track year-on-year declines