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  "authorName": "Morgan Stanley",
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  "notes": "The slide uses a stacked bar chart to show trade composition and a line chart to show trade-to-GDP ratios across major economies.",
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      "text": "We continue to view the core policy priorities of the Trump administration as net positive for the U.S. (deregulation, taxes) and negative for ex-U.S. (tariffs).",
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      "text": "Canada, Mexico and China Are ~40% of U.S. Trade... Share of U.S. imports/exports by region (%)",
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      "text": "... but the U.S. Relies Less on Trade than Its Peers Trade in goods and services as % of GDP",
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      "text": "We continue to view the core policy priorities of the Trump administration as net positive for the U.S. (deregulation, taxes) and negative for ex-U.S. (tariffs). Canada, Mexico and China represent ~40% of U.S. trade and have all been subjected to noise surrounding tariffs. While trade represents ~25% of U.S. GDP, it represents ~70% of GDP for Canada and Mexico.",
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      "text": "Source: World Bank, Council of Foreign Relations, MSIM. As of February 11, 2025.",
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      "text": "Tariffs Will Impact Global Trade, but Risks Are Skewed Towards ex-U.S.",
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