If US tariffs on China really do go up by a cumulative 104 ppts this year, that's a truly massive shock. China depends on its export sector for growth. Tariffs of this magnitude are debilitating. The risk of extreme outcomes with potentially big unintended consequences for markets is rising...

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My latest, on Preston Manning’s disgraceful foray into separatist blackmail: Vote Conservative, or we blow the place up. (Yeah? You got the numbers to back up that threat?) theglobeandmail.com/opinion/arti...

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“With his #tradewar, attacks on longstanding US #allies, and wanton destruction of #US institutions, Donald #Trump has already ushered in a new, much darker era of #worldhistory.” www.project-syndicate.org/commentary/a...

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Good morning. The United States now has the highest tariff rates in the world.

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It's going to be a bit of a pain to block the hundreds of people I've blocked on Twitter since 2009, and you just know they're all coming.

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