The long-threatened tariffs have finally arrived, at least some of them and trade tensions are mounting between Canada and the United States.
In the latest development, U.S. President Donald Trump has announced plans to double tariffs on Canadian steel and aluminum to 50% in retaliation for Ontario’s new energy surcharge. This escalation in trade tensions is likely to have far-reaching impacts, creating additional uncertainty for businesses and consumers on both sides of the border.
Many economists and government leaders believe this is a trade negotiation tactic designed to pressure Mexico and Canada into renegotiating the United States-Mexico-Canada Agreement (USMCA), formerly known as NAFTA. That agreement was already revised in 2020, but further changes may be on the horizon. Others speculate the tariffs are meant to encourage businesses to relocate their headquarters to the U.S. to avoid these extra costs, a move that would have significant implications for jobs and the Canadian economy.
Regardless of the motivation behind the tariffs, one thing is certain: there will be no clear winners in this trade war. While countries may not benefit, there will likely be investment opportunities as a result. Faisal, Dave, Rob and Leanna are closely monitoring the situation to help protect their clients and their portfolios.
So, what should investors do right now? As Dave often says, “Don’t panic and make a financial decision based on emotions.” This is especially crucial for those in or near retirement. Without a steady working income, a financial misstep could set you back years. On the other hand, the right guidance could actually improve your financial situation. The PKAG team always emphasizes the importance of seeking proper financial advice before making decisions—and it never hurts to get a second or even third opinion. Every decision carries some level of risk, and the key is knowing whether you’re prepared to handle the volatility until the market stabilizes.
If you’re in or near retirement, now is the time to come to one of our seminars. We'll discuss everything that can, and will impact your retirement finances and lifestyle. Seats are limited to register today: https://www.morethanmoneyradio.com/seminar-registration
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