Insights

Running up debts to buy foreign goods is unsustainable in the long term. Identifying the problem is simple, but we see no easy or quick escape for the U.S. from the imbalances built up over the last four decades.

What a difference a few weeks, or even days, makes. In a major pivot, the U.S. administration went from proposing sweeping tariffs across many of its trading partners to then extending a three-month reprieve for all countries. The exception is China,...

Global equity markets fell more sharply this week following the revelation from the U.S. administration that its reciprocal tariffs will be much broader and larger than most investors expected. The “Liberation Day” announcement raised the spectre of a...

The Bank of Canada lowered its benchmark interest rate again in March, this time to 2.75% from 3%.

Although trade policies are evolving and government responses remain uncertain, here is a summary of what we know.

The U.S. administration has implemented blanket tariffs on Canada and Mexico after a 30-day reprieve with 25% on all imports except 10% on Canadian energy. An additional 10% tariff on China is also planned. Canada has been hit with its largest trade shock...

How will Europe respond to U.S. tariff threats? For the European Union’s 27 member states, whose trade policy is set collectively, the economic impact of U.S. tariffs will depend on their level and duration. We investigate the implications of rapidly...

Earnings before policy What matters more for the market, Washington policy or plain vanilla corporate profit trends? While Washington, D.C. will likely capture a lot more business press headlines this year and policy developments could generate volatility...

Tariffs can have many economic impacts, but we think investors should focus on the economic and political goals that are driving decision-making.