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Late last week United States President Donald Trump announced new steel and aluminum tariffs on Canada for “national security” reasons. They also announced a series of similar trade attacks on Mexico and Europe.

Canada retaliated with new tariffs of their own on a variety of U.S. manufactured goods. Mexico also followed the U.S. announcement with similar responses.

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The Trump administration has launched an all-out global trade war with the Western World. They have decided – for reasons still unknown to many smart people – that it is in their best political interests to create economic uncertainty and chaos six months before the midterm elections.

As in any war, the result will see losses on both sides. This is expected to be just the beginning of the trade chaos as we near the conclusion of NAFTA negotiations – for better or worse.

The Canadian response by Prime Minister Justin Trudeau was balanced and measured. “Americans remain our partners, friends, and allies. This is not about the American people. We have to believe that at some point their common sense will prevail,” said Trudeau. “But we see no sign of that in this action today by the U.S. administration.”