If Donald Trump is worried about trade deficits with Canada he should take a look at today’s chart from National Bank. Sixty per cent of the 35 major American industries in bilateral trade with Canada have a trade surplus, compared with 25 per cent of the industries that have a surplus when trading with the rest of the world.

The Canadian dollar already fell to a five-year low compared with the U.S. dollar early Friday. Depending on how the Trump Administration chooses to move ahead with its tariff threats, the reaction early next week could be potentially huge.