What if major economies abandon most-favored-nation treatment in favor of discriminatory bilateral deals?
Major economies abandon MFN treatment in favor of discriminatory bilateral deals, fragmenting trade into preferential blocs and raising average tariffs structurally.
Every number ships with its receipt — the odds, the range, the precedents, and a public grade at Reality Check. The statistical machinery that produces it is proprietary.
The butterfly cascade
How this trigger trickles across markets, left → right — the root shock, its first‑order moves, then the ripple effects. Drag any node; tap a market for its real price history.
Resolution timeline — how this probability is moving
Our model's odds (electric blue) over time vs the market's (Polymarket, amber), from the past toward the 3–10 years horizon. Each dot is a real macro event that nudged the probability — green pushed it up, red pushed it down. Tap a dot for the source. Loading the probability audit trail…
What it would mean
If this plays out, it is a risk-off shock. Major economies abandon MFN treatment in favor of discriminatory bilateral deals, fragmenting trade into preferential blocs and raising average tariffs structurally. The trigger decomposes into signed root‑shocks — Geopolitical risk ▲ · Global growth ▼ · Recession signal ▲ · Trade tension ▲ — which propagate through our causal graph to the markets below.