It was a tumultuous quarter for investors. The initiation of a global trade war by the new White House administration contributed to a market decline of more than 4% in the first quarter of 2025. Factors such as tariffs, the emergence of DeepSeek and the ‘Trump factor’ drove market volatility.

Going forward, the following trends are expected to shape the economy and the markets – continued adoption of AI, rising government debt and inflationary pressure, increased military spending outside the US and the continued demand for private assets.

What should Canada do to address the existential challenges ahead? Our economy needs innovative public policy and taxation that rewards smart risk taking and removes barriers for entrepreneurs. Our rallying call should not be just to buy Canadian, but more importantly, to build Canada.

If you would like to discuss your portfolio, please connect directly with your investment advisor. 
 

Disclaimer

I, Theresa Shutt, have prepared this commentary to give you my thoughts on various investment alternatives and considerations which may be relevant to your portfolio. This commentary reflects my opinions alone and may not reflect the views of Harbourfront Wealth Management Inc. In expressing these opinions, I bring my best judgment and professional experience from the perspective of someone who surveys a broad range of investments. Therefore, this should be viewed as a reflection of my informed opinions rather than analyses produced by Harbourfront Wealth Management Inc.