> Fiscal effects are what everyone focuses on, but tariffs have many other goals geopolitically.

True, but it's exemplary Q2-term thinking. Whatever goals US is about to achieve, is it worth it to backstab allies over them? US proves itself as an unreliable partner, so long-term, other countries will work on decoupling from the US, minimizing its soft power. Over the next few years, Canada and Mexico will for sure pivot more towards EU.