It’s finally happened. On April, 2, a day he coined “Liberation Day,” U.S. President Donald Trump unveiled large placards, not unlike the tablets of Moses, with the names of countries and the tariff rates he’d assigned to them, revealing his plans to reshape global trade.

Mexico and Canada were missing from the tablets, presumably because they’d subjected to an earlier round of Trump’s tariffs. What was new Wednesday for us was the suggestion that if the existing fentanyl/migration orders, which levy 25 per cent tariffs on anything not currently compliant with CUSMA, are terminated, they would be replaced with 12.5 per cent tariffs instead.