But for many foreign companies, the slide in the US dollar has incentivized them to raise their invoice prices to compensate, according to Wells Fargo. And Deutsche Bank’s Saravelos said the pressure on US firms so far to bear tariff costs is another headwind for the greenback, which is already on its worst start to a year since the 1970s.

Following the launch of President Donald Trump’s trade war, it now has an “effective” tariff of over 16%, the highest since the 1930s (see chart 1). And rates could go even higher. Mr Trump has written strongly worded letters to many of America’s biggest trading partners threatening further levies on August 1st.

Politicians and industry leaders have long pushed to remove barriers to interprovincial trade. Trump’s tariffs are giving the effort new momentum.