Canada’s apparent tariff advantage is also born out in U.S. Customs and Border Protection numbers that track IEEPA tariff revenue by country. For Canada, the revenue collected so far is equal to just 1.6. per cent of total exports to the U.S., compared with 3.5 per cent for Mexico, although this doesn’t account for sectoral tariff revenues.

A slew of countries will face steep levies, including a 50% tariff on imports from Brazil and a 30% tariff on the European Union.

Commerce Secretary Howard Lutnick reminded us of an important but little-discussed part of trade negotiations with Canada and Mexico -- "virtually 75%" of trade between the U.S. and its two neighbors is "already tariff free" because of the USMCA agreement.