After a fresh wave of tariffs from the United States, Canada and the European Union said they would impose billions in levies on U.S. goods.

President Donald Trump says he believes tariffs are a panacea: a catch-all economic tool that can restore America’s manufacturing prowess, bring foreign nations to heel on key disputes, restore the balance of trade and bring in gobs of money that can help pay off the US deficit and reduce Americans’ tax burdens.

President Trump has imposed steep tariffs on Canadian goods, citing trade imbalances and drug trafficking. But many of his claims exaggerate or misrepresent the facts.