Trevor Tombe, University of Calgary economist and Hub contributor, breaks down America’s worsening fiscal picture—and why tariffs may be evolving from a trade weapon into a politically palatable form of taxation. He explains why tariff revenue can’t come close to fixing the U.S. federal deficit approaching six percent of GDP, and how the levies can weaken investment, productivity, and economic growth. Tombe also looks at what bond markets are signalling about America’s mounting debt and why the consequences won’t stop at the Canadian border.

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