E.J. Antoni

It's interesting. If it really was the case that all of these tariffs would instantly be passed along to the consumer in all instances, then American dairy farmers would have no problem competing in Canada because they would just take that 270% tariff or the equivalent thereof. and pass along to their Canadian consumers. Except they can't, because it would make them uncompetitive.

It's interesting. If it really was the case that all of these tariffs would instantly be passed along to the consumer in all instances, then American dairy farmers would have no problem competing in Canada because they would just take that 270% tariff or the equivalent thereof. and pass along to their Canadian consumers. Except they can't, because it would make them uncompetitive.

So that's clearly not what happens, at least not in all instances. Now, there are a lot of different factors at play. There are different elasticities from one good to another, from one market to another. You also have changes that happen in terms of currency exchange rates. So there's a lot of moving parts. Thank you. Thank you. Thank you.

So that's clearly not what happens, at least not in all instances. Now, there are a lot of different factors at play. There are different elasticities from one good to another, from one market to another. You also have changes that happen in terms of currency exchange rates. So there's a lot of moving parts. Thank you. Thank you. Thank you.

So that's clearly not what happens, at least not in all instances. Now, there are a lot of different factors at play. There are different elasticities from one good to another, from one market to another. You also have changes that happen in terms of currency exchange rates. So there's a lot of moving parts. Thank you. Thank you. Thank you.

Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.

Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.

Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.

Thank you. Thank you. Thank you.

Thank you. Thank you. Thank you.

Thank you. Thank you. Thank you.

Thank you.

Thank you.

Thank you.

Thank you.

Thank you.

Thank you.

All of the models pointed to the market being overbought. And so some of this is simply rebalancing.

All of the models pointed to the market being overbought. And so some of this is simply rebalancing.

It's largely because people are having trouble planning for the future. They don't know how the tariff game is eventually going to shake out. Now, some of that, you could argue, has to do with different folks in the administration not singing from the same hymnal. But I would argue a lot of it has to do with the fact that as soon as we're talking about reciprocal tariffs,