Transcript
Greg Bonnell: Well, it’s been a tough start to the year. That first quarter, major indices all trending lower amid numerous trade and economic uncertainties. Now, that’s a stark contrast to other markets in Asia and Europe, which have, for the most part, been rising.
Well, what about Canadian stocks? My next guest says our market has done surprisingly well, given the economic threat we’re facing. Michael O’Brien, Managing Director, Portfolio Manager with TD Asset Management. Michael, always great to have you on the program.
Michael O’Brien: Oh, thanks for having me in.
Greg Bonnell: An understatement to say these are challenging times for Canada — challenging times, really, for the global economy — lots of uncertainty. You’re saying that investors are finally waking up to what’s happening out there.
Michael O’Brien: Yeah. I think Donald Trump’s tariff threats through the election period and in the immediate aftermath of his victory in November, that was kind of an inconvenient truth that investors wanted to ignore because there was so much excitement around what was perceived as some of the more-business friendly, or market-friendly initiatives — deregulation, tax cuts. Who doesn’t like that stuff?
Unfortunately, what we’ve slowly been coming to terms with is, in his heart of hearts, President Trump really does want tariffs. I think that’s what’s finally sinking in to people. And we had a few false starts with tariffs on, tariffs off, tariffs on, carved off. I think, finally, investors are starting to come to terms with the reality that this is going to be a different trade environment going forward.
Greg Bonnell: And that different trade environment going forward, a lot has been said about, really, what we’re doing here, and what we’re seeing, is a shift in the global order. Well, what do you look for to know exactly where we
