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June 5, 2025
Our Portfolio Manager, Sam LaBell, recently appeared on BNN Bloomberg’s show, The Close, with host Andrew Bell.
They spoke about how tariffs have thrown off economic indicators, as buyers have tried to stock inventory ahead of tariffs and pulled forward demand. There is a lot of uncertainty as investors wait to see if the “Big Beautiful Bill” gets passed by the Senate and if it can stimulate the economy in the second half of the year.
“I think there is going to be a bit of a bust because we did have a boost of activity as people were trying to get ahead of the tariffs,” Sam said. “You’re probably looking at three to four months of very weak numbers.”
This means the more defensive sectors in Canada, such as gold and utilities, are outperforming.
They also discussed Trump’s broader efforts to impose tariffs and Canada’s responses. They also touched on Canada’s plan to fund more “nation-building” projects and whether it will create an investment boom.
“Beware of governments bearing gifts because they’re usually expensive, and the taxpayer ultimately pays for them.”*
Watch the replay: The Close for Thursday, June 5, 2025 (Sam’s appearance starts at 3:49).