Since Trump’s election win – it’s clear he’s willing to use access to (lucrative) U.S. markets as leverage to achieve broader objectives. And major trading partners are taking notice. For e.g., the ECB’s Chief – Christine Lagarde – has suggested European countries should look at how to avoid (new) tariffs by buying more US made goods. And South Korea is looking at buying more US based LNG. What’s clear is any potential tariffs are becoming an integral part of a larger strategy to reorient global trade relations around issues such as greater security, immigration and health priorities. That is, they’re not exclusively aimed at reducing economic imbalances.