The Globe and Mail's Eric Reguly, among his 2026 predictions, says the Donald Trump-directed trade wars will not flare up again in 2026, since tariffs are not a universal win for the United States. The Globe's Europe correspondent says tariffs trigger retaliation from other countries and put upward pressure on consumer prices; the U.S. President wants inflation to fall in the run-up to the midterm elections in November. But a tariff lull does not mean the trade storm is over, at least in North America. The U.S.-Mexico-Canada agreement is up for review in 2026. Mr. Trump and his MAGA backers will demand a U.S.-centric replacement. No surprise there; the 25-per-cent tariffs on Canadian autos, steel and aluminum that hit in 2025 were a forewarning that Canada is doomed on the trade front. Mr. Reguly says USMCA will not go without a fight, but it will go.