Jeff Kleintop says a regular U.S. trade deal takes 18 months to sign and 45 months to implement, making Trump’s trade war seem like an “impossible” task. He discusses Canadian Prime Minister Mark Carney’s meeting with President Trump today and what needs to be resolved between the two countries. He also thinks that the shock defeat in the German Chancellor vote could threaten its expected fiscal stimulus. He notes that while earnings revisions have largely been lower in the U.S., it’s been the opposite in Europe & Asia, setting up a potential run of outperformance.