The morning after the Trump administration published its “Liberation Day” tariff list, Medley Advisors analysts met to consider the next steps.
 
They discussed how much of the package was accident or design, US negotiating tactics and capacity, retaliation and conciliation.  
 
“The one thing that's really notable,” said Brian Jackson, Medley’s China and trade specialist, “is that Mexico and Canada are at a huge advantage now compared to the rest of the world because they have a 20-percentage-point advantage in tariffs against everyone else … So, as much as (Prime Minister Mark) Carney was on TV last night criticizing Trump, we'll see – a year from now – how Canada feels about it because they're possibly going to enjoy a huge amount of diverted demand from Europe and from China into their market. And probably more so Mexico because Mexico has much more manufacturing than Canada”.
 
In this edited recording of the meeting, the speakers - in order - are Jackson, Michael Redmond (US macro analyst), Pepijn Bergsen (European policy analyst), Fernando Posadas (Mexico specialist), and Kenichi Nagura (Japan analyst).