No matter what the specifics of this new ‘deal’ turn out to be, there is a stark new reality as of last night. For 30-odd years we had free trade more or less, but for some sectors, with the United States and managed trade with much of the rest of the world. Now, we’re going to have managed trade with the US - including tariff schedules, export caps, etc. - and we’ll scramble to secure free trade with as many others as possible (and practically desirable). It won’t offset. At least not for a long time. And yes, Trump will one day be gone from our lives (thank Christ for that day when it arrives). But this new managed trade relationship is likely to be our reality for a long time - with all the attendant standard of living and national income implications.