Trump’s Latest Tariff Moves – What It Means and Why We Stay the Course
As a follow-up to my previous note on market volatility and tariffs, I want to bring you up to speed on the most recent developments and share my perspective on what it all means for your investments.
Yesterday, the Trump administration announced yet another expansion of tariffs—this time targeting a broader range of global imports. As expected, markets reacted swiftly, but not irrationally. This is the market doing what it should—pricing in risk and uncertainty.
Canada Spared… For Now
The good news: Canada was spared from these latest tariffs. However, it’s important to remember that previous tariffs remain in place. Meanwhile, much of the rest of the world is now facing reciprocal tariff threats, further escalating global trade tensions.
This appears to be Trump’s attempt to “right size” the U.S. trade deficit using exorbitant tariffs as leverage. In our view, this isn’t about lasting policy—it’s about positioning.
A Familiar Playbook
As I mentioned before, this is a negotiation tactic, not a long-term economic strategy. Trump continues to apply pressure in dramatic fashion, and while it may seem extreme—especially to Canadians who value fairness and diplomacy—his strategy is clear:
“Convince the other side that you’re crazy, and they’ll give in faster.”
This tactic has been used repeatedly during his presidency, and while it causes short-term volatility, it rarely lasts.
The Final Straw?
I firmly believe, as stated in my last note, that this is likely to be the final straw in Trump’s tariff tirade. Markets are absorbing the news and reacting rationally in a way that reflects their overall health.
The market is strong. This is not a reaction to weak fundamentals but to temporary noise.
And here’s the most important point:
As soon as there is an announcement of a bilateral trade agreement—whether with Canada, the EU, or another key partner—and tariffs begin to roll back, I fully expect a rapid shift in market sentiment.
This is what I believe is Trump’s true endgame: create pressure, spark chaos, and then position himself as the dealmaker who ends it. When that moment comes, markets will respond positively and quickly.
What We’re Doing (and Not Doing)
We’re not making emotional decisions based on daily news. Instead, we remain:
✔ Focused on your long-term plan, not short-term headlines
✔ Committed to diversification and tax efficiency—including tools like TFSA and T-SWP accounts
✔ Ready to take advantage of opportunities that volatility often creates
Final Thoughts
Uncertainty may linger a little longer, but we are near the end of this tariff saga. You are invested in a plan designed to weather storms, take advantage of market shifts, and support your long-term goals.
If you have any questions or want to discuss your positioning further, feel free to reach out. I’ll continue monitoring developments closely and will keep you updated as things evolve.
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Mutual funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.
The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This update was prepared by Steve Arial who is an Investment Funds Advisor at QSA Wealth Management, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this presentation comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability.
