I think this is a big tell on the North American front.
Bloomberg reports that Mexico is open to new tariffs on China to avoid Trump duties.
I don't think anyone really believed this was all about fentanyl, given Trump's words. Now we get some confirmation of that with the aim shifting towards blocking China from North America. That kind of deal could ultimately be a huge tailwind for Mexico and Canada as the US sources more goods from both.
That said, it's very tough to get away from China as it's so strong (and cheap) on manufacturing.
Also notable here is that the initial headlines don't mention Canada.
I had guessed that Trump's ask on tariffs was to reopen USMCA earlier but this also makes a lot of sense.
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