On Friday Carney announced that tariffs on USMCA-compliant imports would be lifted, while retaining retaliatory measures on steel, aluminum, and autos. The rollback should provide a small boost to near-term trade activity…

… as the government looks for relief in key export categories targeted by the Trump administration (lumber, autos, steel, etc.).

A lot has been said about the position of our elbows, shifting the conversation away from the use of our brains. “Elbows up” was always a campaign slogan, not an economic reality - time to make some concessions and move forward.