- Our world is undergoing one of the most profound changes since the fall of the Berlin wall
- The world of rules based liberalised trade and investment is gone
As a reminder, Trump recently terminated negotiations with Canada over an Ontario ad that cited former US President Reagan opposing protectionism. The market didn't really freak out on this as everyone got used to Trump's "escalate to de-escalate" strategy.
Over the weekend, Trump increased tariffs on Canada by 10% over what they are paying now. The USMCA tariffs are zero but a small portion of trade not covered by that is paying anywhere from 15-50%.
