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Although trade policies are evolving and government responses remain uncertain, here is a summary of what we know.

The U.S. administration has implemented blanket tariffs on Canada and Mexico after a 30-day reprieve with 25% on all imports except 10% on Canadian energy. An additional 10% tariff on China is also planned. Canada has been hit with its largest trade shock...

Tariffs can have many economic impacts, but we think investors should focus on the economic and political goals that are driving decision-making.

The Bank of Canada lowered its benchmark interest rate in January to 3% from 3.25% amid ongoing uncertainty over the threat of U.S. tariffs.

The latest readings suggest that the expansion remains intact, tracking the soft-landing consensus. As inflation falls and monetary policy tightening ends, that should alleviate the co-movement in stock and bond prices.