Trump, who has imposed 25% tariffs on almost all products imported from Canada, has repeatedly said this year that the US has a “$200 billion” trade deficit with Canada – sometimes making the claim explicitly and sometimes using vaguer language about a supposed $200 billion subsidy or loss to Canada.

Trump during his address to Congress said that Canada and Mexico ‘have allowed fentanyl to come into our country at levels never seen before.’

Tariffs on America’s three largest trading partners and retaliation by the countries are thrusting the U.S. economy and businesses into uncharted waters.