The last trade war with China resulted in…
This was fully 20 months after the first wave of tariffs, which did end up including Canada and Mexico as well. The difference, however, is that the tariffs started small on the Chinese in terms of what materials/industries they were applied to, added to the fact that Mexico and Canada weren’t initially included.
Here, Trump is talking about blanket tariffs on all 3 nations immediately. The next time the yield curve inverts as a result of this (and it will), it will not take as long, the recession will follow quicker than expected (pay attention to the 3:20 mark in the video), and there most likely won’t be another pandemic to give him political cover for the fallout.
Fortunately, we will have all the “but the price of bacon” people to ease our minds by telling us it made sense to put this intellectual peasant in the last place any serious person wanted to see him.