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Markets will have to get used to Trump’s mercantilist mindset

The next US president and his team see trade in political, rather than narrowly economic, terms

A few months ago, I dined with some of Canada’s business leaders and Robert Lighthizer, a key trade adviser to the next US president, Donald Trump.

I expected a calm meal — Canadian leaders are usually so polite that a senior American politician once jokingly described them to me as the “herbivores” of global affairs.

Not so when confronted with Lighthizer, however. When he told the table that Trump could impose 60 per cent tariffs on Chinese imports and 10 per cent on those from Canada and Mexico, there was noisy shock.

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