Canadian Stocks Conclude Second-Best Year This Century Despite Early Turmoil
Canadian equities are concluding their second-best year this century, a surprising outcome considering the economic uncertainty faced earlier in the year, according to Fortune and Bloomberg. The strong performance comes despite significant challenges, including harsh tariffs imposed by then-U.S. President Donald Trump and heightened political tensions between the two countries.
In early April, the situation appeared bleak. Trump had implemented tariffs reminiscent of the Great Depression, effectively disrupting trade and dismantling a previously negotiated trade agreement, Bloomberg reported. The U.S. president was also "openly musing" about annexing Canada, further straining relations between the long-time allies.
However, the situation began to improve when Trump backed down from his most severe tariffs, according to Fortune. Furthermore, Mark Carney, a technocrat, assumed the role of prime minister, which eased financial market anxieties and de-escalated tensions with the U.S.
Ultimately, Canada's economy, driven by its mining sector and internationally recognized financial institutions, proved to be well-positioned to navigate the year's volatility, Fortune noted.
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