Tim Kolkatz
About
Financial reporter and columnist at The Globe and Mail, guest expert on tariff policy
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Claims by Tim Kolkatz (20 of 22)
Steel and aluminum tariffs represent Trump's strongest commitment to Project 2025-aligned policy, because Trump has backed down from other threats (like autos) but doubled down on steel and aluminum, which aligns with Navarro's argument about rebuilding manufacturing capacity for defense and Western alliance support.
Trump administration officials did not anticipate that other countries would implement retaliatory tariffs in response to US tariffs, which is a critical miscalculation given the historical precedent of the Smoot-Hawley tariffs exacerbating the Great Depression through tit-for-tat escalation.
There is a stark difference in public perception and discourse between the US and Canada regarding Trump's tariffs, with Canadians discussing potential military conflict and conscription while Americans remain largely disengaged, reflecting asymmetric threat perception and communication breakdown.
If a global trade war persists beyond April with continued reciprocal tariffs across all trading partners, the US—despite its economic size—will not emerge as a unilateral winner because all countries lose through reduced economic activity, and global interconnection makes economic isolation impossible.
The April 2nd reciprocal tariff announcement was presented as a structured framework investors could plan around, but it now appears to be a false signal—the White House doesn't actually have a coherent reciprocal tariff plan, and the date was set more as procedural theater than as implementation of a real policy.
Large American companies have begun stockpiling goods (aluminum, steel, potash fertilizer) in anticipation of tariff impacts, which delays the real economic pain felt by consumers and workers until late 2025 or possibly 2026, creating a lag between policy implementation and voter realization of consequences.
Canadian politicians cannot publicly appear measured or conciliatory toward Trump, even if they prefer diplomacy, because the Canadian public is mobilized by Trump's '51st state' rhetoric and other inflammatory comments, forcing politicians to match public anger or face political consequences.
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