They highlight a few things to make that point:
2) When you strip out the discounted oil and gas that Canada sends the US, the US runs a large trade surplus with Canada.
"Even if you take the entire bilateral deficit including energy, and add in Canadian defense spending by 3% of GDP, you still don't get anywhere near Trump's $200 billion figure"
"The notion that bilateral energy deficit with Canada are 'subsidies' is economically, politically and geologically illiterate," the note says JPMorgan.
I expect some better headlines coming out of today's meetings at the White House but USD/CAD traders are on edge with the pair up 64 pips to 1.4432 today.
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