On July 20, 2026, President Donald Trump issued three Proclamations pursuant to Section 338 of the Tariff Act of 1930 imposing 50% tariffs on imports of certain Canadian goods made “in response to Canada’s discriminatory treatment of American products.”:

• Imposing Additional Duties to Offset Canadian Discrimination Against the Commerce of the United States with Respect to Dairy

• Imposing Additional Duties to Offset Canadian Discrimination Against the Commerce of the United States with Respect to Alcoholic Beverages

• Imposing Additional Duties to Offset Canadian Discrimination Against the Commerce of the United States with Respect to Motor Vehicles

Resolves no if:

• these attempts are legally challenged and found illegal,

• during Trump's term they are rolled back by future actions from with the executive or congress.

If legal action is taken, it is expected this will end up in multiple cases and will take some time to resolve.

I will not bet on this market.