'Spread'-ing risk in bonds

I'm done talking about tariffs.

I don't know about you.

Well, aren't there aluminum tariffs? Yes, there's

aluminum tariffs and steel tariffs.

The good thing for the TSX is I don't think there's very many companies in Canada anymore that are publicly traded that are aluminum or steel.

There are.

Yeah, but not to the same degree.

It used to be like an Alcan or a lot of the steel companies out of Hamilton.

They don't really exist as publicly traded companies anymore.

Yeah, so this one I don't really understand from the American perspective because...

It really doesn't seem that tariff in Canadian aluminum helps you achieve your domestic manufacturing goals or increasing US jobs for manufacturing.

So I'm not really sure what the strategy is there.

I think our partner, David Baskin, said that this may create 2,000 jobs in the U.S., but then hurt 100,000 secondary jobs that are related and could be hurt by the fact of those prices of steel and aluminum going up by 25% or what have you.

Yeah.

I don't know how it's all going to play out.

Hopefully it won't last very long.

It was almost tariffed the first time, I think, in Trump's first term.

He actually pulled back on it.

So have these tariffs been stamped into duty yet, or is it still threats? I'm not sure, actually.

there's going to be a lot of uncertainty.

In the next few years, we're going to be dealing with a lot of unbelievable stuff.

But in the meantime, Canada, as you know, has been dealing with a lot of concerns.

A, the economy is not doing as well as the U.S. economy.

B, obviously worries about tariffs and interest rates are way too high in Canada.

So as a result, the Canadian dollar is trading around 70 cents today.