Can everyone please calm the *bleep* down about tariffs?

So, Trump puts up a Truth Social post threatening to retaliate with big tariffs on Canadian steel and aluminum, and Ford’s bravado collapses in just 4 hours. This was an entirely predictable outcome for anyone who understands which side has essentially all the leverage in this equation.

HINT: It isn’t Ontario, whose GDP is roughly the size of Pennsylvania’s.

I swear, everybody needs to calm the *bleep* down about tariffs, ok? The massive overreactions to this standard Trump negotiation tactic by the oil and stock markets - not to mention the media - is just completely over the top at this point.

I did a TV hit with NTD News this afternoon on the tariff situation between the U.S. and Ontario, whose minister Doug Ford stupidly implemented a 25% tariff on electricity exports into Minnesota, Michigan, and New York yesterday. During the 10-minute segment, I assured the host - who is very good, btw - that the most likely outcome is that everyone is overreacting because Trump’s threatened 25% tariff would most likely never really go into effect.

We signed off about 1:48, and literally within a minute of my logging off, this story broke on X:

And so, about 20 hours of needless hysteria in the markets and media comes to a very predictable end.