Canada gets it’s ore from South America, so as prices increase, US also pays tariffs.

Black swan implies it wasn’t predictable, and that it’s an unprecedented change. A 4 year high from an entirely predictable action isn’t a Black swan event. All we’re seeing is the entirely predictable stress of a dumb ass closing a major shipping channel. It’s serious, but not as bad as the covid supply chain mess.

Get back to me when we have a 50 year high due to a sudden weather event or revolution.