The trade war has officially begun, here’s our take on it:

1. New tariffs of 25% on Mexico, 25% on Canada, and 10% on China are now live. We must first put this into perspective

2. Mexico and Canada’s exports to the U.S. account for approximately 78% and 77% of their total…

— The Kobeissi Letter (@KobeissiLetter) February 2, 2025