Message From
The Chair

Message From The Chair

March 28, 2025

To My Fellow Shareholders,

THE TARIFFS ARE COMING!

The talk of tariffs, the ramifications of trade wars, and what all this means in terms of an economic realignment, dominate the headlines today. Obviously, I have no insight into how the negotiations between Canada and the United States will ultimately unfold, but like everyone I do have a view. Under the auspicious of “MAKE AMERICA GREAT AGAIN”, I believe President Trump, and his advisors, view tariffs as a way to ensure the United States maintains its economic dominance over the world, by forcing tariffs/taxes on foreign entities selling into the United States market. It seems as though their view is that tariffs are a way to pay down the massive United States deficit and at the same time encourage capital investment in the United States. Whether this strategy is successful or not is open for debate, especially if we look back in the history books where past attempts to gain wealth and economic dominance by way of tariffs has not worked. Eventually deals are made and the tariffs are reduced or eliminated. I suspect history will be repeated once again, once calmer heads prevail. Until then, BUCKLE UP.

WE ARE PREPARED! IS CANADA?

FULL MESSAGE: View the PDF

Sincerely,

Signed: “Murray Mullen”
Chair, SEO and President