While unconfirmed for now, an expanded relationship with the EU is expected to be announced mid-month - which could result in increased trade activity…

… but isn’t likely to move the needle in the short term. Similarly, Trump’s latest threat to cut us out of the ~$50B GSA Multiple Award Schedule market would have some impact…

… but at 6% of total US federal government contract spending (DoW, DoE, etc.) and a very small fraction of that number tied to Canada, it’s more headline noise than anything.

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