The main fallout from the G7 leaders’ summit is an increased likelihood of a failure of NAFTA negotiations. Bitter commentary between Canada and the U.S. led President Trump to refer again to Canadian trade barriers in the dairy industry as well as threats to “terminate” America’s participation in NAFTA altogether. The dairy industry has been a significant problem area in the ongoing talks, despite the U.S. actually running a $159 million trade surplus with Canada (including milk products, eggs and honey in the 12 months to March 31) on $548 million of trade. While milk duties are high t...