JPMorgan criticizes U.S. tariffs on Canada during meeting

JPMorgan criticized U.S. tariff policy on Canada as U.S. and Canadian officials meet. They argue Canada contributes only 3% to the U.S. trade deficit and that the U.S. has a surplus when excluding discounted oil and gas. The bank disputes claims of a $200 billion "subsidy" to Canada, stating that even with all factors considered, the figure does not add up. They also noted that U.S. goods exported to Canada face a low tariff rate of 1.1%. As the meeting progresses, the USD/CAD exchange rate has risen, reflecting market uncertainty. Traders are closely watching for updates from the discussions.