Ian de Verteuil, equity strategist at CIBC Capital Markets, discusses how Trump’s tariff threats could impact the 2025 market outlook.
“Historically, he’s quite extreme and uses a lot of rhetoric, but at the end of the day… we need to think it through in terms of what he’s trying to achieve, and let’s go back to first principles: MAGA.”threat to impose a 25 per cent tariff on Mexican and Canadian goods entering the U.S. His assumption, de Verteuil noted, is that U.S. tariffs, in whatever form they end up taking, would not apply to Canadian fossil fuels of auto parts entering the U.S., as the American economy still heavily depends on those imports.
“At the end of the day, the fight isn’t with Canada, the fight is largely with Mexico and it’s with Mexico for three reasons,” de Verteuil explained.
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