Politico: But any shift away from economic dependence on the U.S. won’t come quickly — or easily. Canada sends roughly 72% of its exports to the United States, while Europe’s economy remains deeply intertwined with the U.S.’s, with EU-U.S. trade reaching an estimated $1.6 trillion last year.
“The political theater of all of this is A+++. But that’s mostly what this is,” said Kelly Ann Shaw, one of Trump’s top trade advisers during his first administration. “Substantively we have some narrow targeted retaliatory measures between the United States and Canada but the vast majority of trade is unaffected and still trading duty free. At some point this is likely to resolve but politically, it is clearly helping Carney domestically to keep this going.”…