Cape Talk

Entrenched in new directions? I mean, global trade must be different from where we were three years ago. Yeah, there's been quite a big shift. But I mean, interestingly, when we look at our trade with the US, it's important to look at the latest trends. And I was actually quite surprised when I looked at it because, you know, up and because of the Trump tariffs, we actually saw a lot of our imports from the US declining. So it hit our exports to the US.

But I was surprised to see that up until quarter one of this year, we were actually seeing a lot of declining, we were buying less from the US. All of a sudden, in quarter two of this year, we were running a trade deficit with the US for the first time in, I don't know how long. So Trump has done something different. I mean, part of what happened was we bought a lot of diesel from the US, which we don't normally buy that amount. But it's 16 billion worth of diesel means that we're now running a trade deficit for the US.

First time in a long time. And so part of his strategy of turning around is coming to fruition, which is a very interesting dynamic. So he may get it right for the US economy, but it has created havoc with the rest of the world and with the need to reform trade relationships. And the Canada dynamic is interesting because that was their largest trading partner. So