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It is widely expected that the U.S. administration will open the Canada-United States-Mexico Agreement (CUSMA) for review. All will know that the U.S. is in the process of rebalancing global supply chains and while Canada and Mexico are friendly traders compared to the EU, Asian and other regions where geopolitical issues are far greater, we will nevertheless see some notable disruption to FX markets as snowbirds like me look to spend colder months in a warmer place. The CUSMA trade deficit is largely a problem of oil imports from Canada and manufacturing imports from Mexico. Excluding petroleum, the U.S. actually…
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