President Trump’s import ban covers only 0.25% of Canada’s exports to the US and will have little effect on either economy. Nonetheless, Trump’s willingness to impose an import ban is further evidence, if it were needed, that these latest measures are about inflicting economic pain rather than raising revenue. That calls into question our assumption that the sides will eventually resolve their broader differences around the USMCA, leaving the agreement in limbo and at risk of breaking down entirely.
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