President Trump on Wednesday said that trade deficits hurt the U.S. economy "very badly."

"The U.S. recorded its slowest economic growth in five years (2016). GDP up only 1.6%," the president tweeted.

"Trade deficits hurt the economy very badly."

The U.S. recorded its slowest economic growth in five years (2016). GDP up only 1.6%. Trade deficits hurt the economy very badly. — Donald J. Trump (@realDonaldTrump) April 26, 2017

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Trump on Tuesday downplayed concerns about a trade war with Canada after his administration slapped a tariff on Canadian softwood lumber.

Trump's decision to impose a tariff on as much as 24 percent on Canadian softwood imports ignited a long-simmering dispute between the two trading partners.

Earlier this month, he blasted Canada over a trade dispute affecting dairy farmers, calling it a "disgrace" that's the result of the North American Free Trade Agreement.

The president has frequently bashed the free trade deal with Canada and Mexico.

He has repeatedly pledged to take a tough approach to strike better trade deals for American exporters.