**On Global Trade and Investment:**

The discussion this morning centers on shifting alliances and determining who is being pushed into whose arms.

On one hand, some interpret the announcement of a new Canada-China “strategic partnership” as a symptom of what the Financial Times describes as “Trump is making the world fall in love with China.”

On the other hand, motivated partly by China-related issues, the US and Taiwan have announced an agreement to bolster investments in America. This measure includes capping American tariffs on Taiwanese goods at 15% (and 0% for select products).

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