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.

President Donald Trump confirmed on Thursday that 25% tariffs will go into effect on goods made by its two largest trading partners Canada and Mexico on March 4, ending days of speculation that they may be delayed again.

Finance ministers and central bankers from the G20 top economies gather in South Africa on Wednesday and Thursday, for a meeting marred by the absence or curtailed attendance of key members and disputes over the main issues of climate, debt and inequality.