This week we witnessed the fallout from U.S. President Donald Trump’s “America First” strategy. It was a fiasco for markets with tariffs threatened against two allies — Canada and Mexico at 25 per cent (10 per cent for Canadian energy) — and levied against one foe, China, at 10 per cent.

Trump is already basking in another “victory” while many will say he balked because of the disruption. Canada and Mexico agreed to toughen border security and curb fentanyl smuggling across the border, which was the focus of the executive order issued last Saturday.