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Forget The Data, What About The Tariffs?
The last of this week's key US macro releases printed largely in line with consensus.
Not that anyo
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As a Canadian this whole trade thing pisses me off, saying that the US subsidize Canada is a joke. This is what you need to know about Canada/US trade;
Last year, Canadian exports of energy products (oil, natural gas, power) to the U.S amounted to nearly $170 billion, or almost 1/3 of total shipments. In contrast, energy accounted for only 6% of all U.S. imports. Put simply, Canadian sources are critical to U.S. energy security. Remove Canadian energy exports from the equation and the trade story flips. Ex-energy, the U.S. enjoys a trade surplus with Canada of around C$60 (US$45 billion). This is the link to the article from TD Bank, I assume the figures are correct.
https://economics.td.com/ca-canada-us-trade-balance#:~:text=Based%20on%20Statistics%20Canada%20data,to%203.2%25%20of%20Canadian%20GDP.
Thank you for the facts and truth. Unfortunately, they don’t matter to Trump or his tariff-loving people. They see tariffs as a revenue source and an economic weapon, and don’t much care if the trading partner in question has a trade surplus or deficit with the US, is our closest ally who have stood with us for centuries, supplies goods indispensable to US jobs, it’s all pfffft to him.
I think we will get those “beautiful” tariffs, followed by a beautiful recession and a beautiful market crash, a beautiful 2026 midterm, and finally a beautiful 2028 election.
Market swung -1 pct on tariff news today. So beautiful to see at the end of the month.
It’s ridiculous. Any chance Canada will have the political will to increase TMX capacity and revive the Energy East pipeline? My uneducated fantasy would be Canada tells Trump to guard his own border himself, then paves the way for China to sell their inexpensive electric vehicles in Canada (where 80% of electricity is produced from carbon net zero sources).