Herbert, this is a well-researched and insightful breakdown of how Trump’s tariffs could impact equities across Canada, China, and Mexico. Your analysis of stock valuations and ETF performance over different time horizons adds valuable context to the ongoing debate about trade policies and their market effects. The contrast between short-term volatility and long-term fundamentals is particularly interesting. As you noted, history suggests that while tariffs may shake investor sentiment initially, markets tend to absorb these impacts over time, refocusing on earnings and intrinsic value. It’s also fascinating to see how investor preferences play out in ETF flows—China dominates in trading volume, but Canada leads in AUM, which speaks volumes about investment versus trading strategies. The lower expense ratios for Canada-focused ETFs further reinforce the trend of long-term capital allocation. Looking forward to seeing how these trends evolve—especially with political uncertainties ahead. Thanks for sharing your expertise!