A Refusal to Genuflect
Author: Greg Valliere
October 27, 2025
THIS WEEK will be a victory lap of sorts on trade policy, with deals likely between the U.S. and five Asian countries — including the Big One, China.
BUT CANADA is a notable exception — on the verge of a bitter dispute over trade policy that could last for weeks or months and cripple the country’s economy.
TRUMP never forgets a slight and he won’t forget this one; Canada has refused to genuflect. As we wrote on Friday, Trump will demand an apology.
THE BIG TRADE NEWS will come on Thursday, when Trump meets with Xi Jinping. A deal is virtually done and it should be well received by the markets.
THERE will be plenty of winners, including soybean producers and India; the latter will get favorable trade provisions in exchange for cutting its purchases of Russian oil.
THESE DEALS probably will be still another political triumph for Trump — but he needs to get a budget deal soon. The voters are increasingly restive; many are broke.
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