We know that there was a clear and immediate impact on certain sectors (such as air transportation and tourism) and on those industries that rely on cross-border, just-in-time delivery. But how large the total impact will be and how long it will last are very difficult to gauge.
What is even more difficult to evaluate at this stage are the implications for consumer and business attitudes. The recent events are unlike anything we have ever experienced in North America. So it will take some time before we can fully understand their consequences.