If you were looking for the re-industrialization of the United States under the Trump administration, we now have 18 months of data indicating that we've gone screaming in the opposite direction. And we're actually farther away from clarity now than we were in January of 2025. The business community's trust in this administration has evaporated completely, and they will not start investing in new plants until such time as they know what the real rules of the game are. That will be on the other side of negotiations with Canada and whatever the next NAFTA is. At this point, none of that has even started yet. The Canadians have stated they're going to announce reciprocal tariffs designed to pressure the Trump administration specifically. It is unclear what those tariffs will be on. In the past, when countries attempted to target political decision-making, they went after politically sensitive things, specifically in areas that really mattered to the political policymaker. I don't know what that's going to look like at present, but I have a real big doubt that it's going to work because Trump is already a lame duck. Secondly, three-quarters of Canada's exports come to the United States. Anything they do that causes structural damage in the United States will, in turn, hurt them more domestically. #canada #nafta #trade #geopolitics