Duty-free cross-border trade now rests in the same grave as common sense. In a fit of diplomatic dementia, Trump is slapping wildly disproportionate, self-sabotaging, bullying import taxes on Canada, its most loyal ally and the biggest buyer of its goods.
"There is no justification whatsoever for these tariffs or this treatment," Conservative leader Pierre Poilievre said today in a rebuke of the U.S. administration.
"It defies economic logic," added former Treasury Secretary Larry Summers. "Just about all economists agree" these tariffs are a mistake, and "it takes a lot to unite the economics profession," he told CNN.
That's why so many expected, and still expect, this to be a gambit by the White House. However, we may be wrong to assume that rationality resonates with a man who treats international policy like his second divorce settlement.
While the repercussions reach well beyond real estate finance, we'll leave those discussions for others. Here, we'll unpack how this misguided trade policy could ripple through Canada's mortgage and real estate markets.
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