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A lot of these forecasts are based on the idea that tariffs are going to be permanent and in perpetuity, and I don’t think that’s the case. I think what’s unusual about the situation we have now is Trump likes to actually let you watch sausage being made. He’s putting tariffs on the entire world. Never been done.
It’s really about making reciprocal tariffs with every country that applied these as far back as the second World War, and it’s a series of negotiations that are happening.
In the case of the Canadians, you’ve got a political situation and an election, so it’s toxic up there. They’re using Trump to get out the base to vote, anti-Trump everywhere. That’s what Carney’s doing, the Liberal leader who’s about to lose and now he’s using Trump as the fulcrum to try to stay in power, or at least his party stays in power.
