Ed. Note: A new study released by the Institute for Energy Research (IER), “Counting Canada Wrong: The Hidden Surplus Behind the Headline Deficit” (September 2026), makes a case that official trade statistics should treat “discounted raw materials from allies the same as imported finished goods from adversaries.” The present accounting “[has] misdirected Washington’s attention and obscured how international commerce truly affects American manufacturing.” The introduction to this study follows.

“While trade deficits are often a flashpoint when foreign nations undercut domestic manufacturing, the headline deficit with Canada tells a deceiving story. A closer look reveals a trade arrangement that overwhelmingly favors American production, energy independence, and industrial power.”

Putting America First requires trade metrics that accurately reflect industrial strength, strategic independence, and the value of American workers and manufacturers.…