The notion that Donald Trump would hike tariffs is hardly a surprise – it was a plan front and centre of his economic pitch during the election campaign.
If that softened the landing, it still hit hard in the three countries in the frame.
Mexico warned it would cause inflation and job losses in both their countries and Canada’s Prime Minister Justin Trudeau spoke of a relationship that needs a “certain amount of working on”.
It’s the weary assessment of a man who’s seen this movie before.
On the face of it, it’s symptomatic of a muscular economic stance that fits entirely with Donald Trump’s “America First” strategy.
It would have a significant impact, far beyond the countries that Trump has placed in the frame, raising the spectre of trade war and, accordingly, grinding the gears of international trade.
America itself wouldn’t escape consequences.
Canada, Mexico and China are its top three suppliers, shipping more than $1trn of goods to the US in the first nine months of this year alone.
Under the Trump plan, the cut passed on to consumers could cut deep.
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His announcement might amount, merely, to a negotiation tactic – an effort to outsource the problem-solving on his political priorities.
Whatever it is, it creates a sense of diplomatic unease and economic uncertainty.