North American trade tensions are heating up. The USMCA deal—set to expire imminently—is now in question. Recent remarks suggest a more protectionist stance ahead, with less concern about maintaining the agreement. This could reshape commodity prices and cross-border supply chains, ultimately rippling through global markets. When trade policies shift, investors typically reassess risk exposure and regional asset valuations. Worth monitoring how this plays out for commodity-linked assets and broader market sentiment in Q1 2025.