Why it’s on the map
NA/EMEA corrugated; Canadian containerboard coming south now faces 50% (positive), but US pulp/packaging exports face Canada's 50% (negative).
Government money & contracts
None.
Customers & commercial
Packaging.
Catalysts
JPM Overweight $61.
Risk
Net modestly positive; small vs the $140/ton price cycle.
Tariff durability
Mixed.