Canadian Prime Minister Mark Carney has taken a hard line on President Donald Trump’s tariff threats, vowing to hit back with retaliatory trade measures designed to inflict “maximum impact” on the U.S.
While tensions between the two allies have escalated, “Shark Tank” investor Kevin O’Leary believes Carney’s tough talk is little more than political theatre ahead of Canada’s upcoming federal election.
“The anti-U.S. rhetoric is being stirred up by Carney because his party devastated the country over the last 10 years, and the only way he can stay in power is to convince people he’s the solution against Trump,” O’Leary said in a March 31 interview with Fox Business. “The rhetoric has never been hotter, and of course he’s five weeks away from an election, so he’ll stir the pot any way he can.”
Canada’s election is scheduled for April 28. O’Leary, who was born in Canada, didn’t hold back in his criticism of Carney and the prime minister’s Liberal Party.
“You’ve got to remember, Canada actually only grew under the Liberal Party 1.4% in 10 years. The economy is wiped out,” he said. “One of the reasons Canadians can’t go to Florida is, his party wiped out the value of the dollar … Canadians can’t afford to go to Disneyland anymore.”
O’Leary didn’t cite a source for his growth figure, but Trevor Tombe, professor of economics at the University of Calgary, has noted that Canada’s real GDP per capita grew just 1.4% from Q1 2015 to Q3 2024, based on data from the Organisation for Economic Co-operation and Development. The Liberal Party has been in power since late 2015.
As for the loonie (Canadian dollar), it has indeed weakened over the past decade. In April 2015, one Canadian dollar was worth about 81 U.S. cents. Ten years later, it trades closer to 70 cents — a drop of roughly 13.6%.
O’Leary suggests the tension between leaders is unlikely to last, predicting it’ll fade once the election dust settles.
“Carney is doing it the very best he can to say, ‘Look, I will save you against Trump,’ and he throws the rhetoric out every day. Against him, a man named Pierre Poilievre who’s also trying to be elected as a conservative — they’re both in a crazy rhetoric, an anti-American rhetoric, that will go away the minute this election is over.”
He added that regardless of who wins, the next prime minister will “get on a plane, fly to Washington, and start negotiating” a new North American trade agreement.
While O’Leary dismisses the tension as election-driven, trade disputes can trigger real geopolitical uncertainty with ripple effects that extend far beyond politics. Markets don’t react well to unpredictability, and we’ve already seen headlines of trillions in U.S. market value wiped out as Trump pushes forward with tariffs.
In times like these, financial experts often recommend taking steps to hedge against uncertainty. Here’s a look at three strategies that can help protect your wealth.
Gold has long been considered a go-to asset during times of economic and geopolitical uncertainty — and for good reason.
Unlike stocks or currencies, gold isn’t tied to any one government or economy. It also can’t be printed at will by central banks. Those characteristics make it especially attractive when confidence in political leadership, trade stability or the value of paper money start to slip.
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When markets grow jittery, investors often turn to gold as a safe haven. Case in point: over the past year, gold prices have surged more than 33%, recently topping $3,100 an ounce.
Billionaire hedge fund manager Ray Dalio has warned that most people “don’t have, typically, an adequate amount of gold in their portfolio.”
He added: “When bad times come, gold is a very effective diversifier.”
Today, there are plenty of ways to gain exposure to gold. Investors can buy gold bullion — many online platforms offer a wide selection of gold and silver bars and coins at fair prices — own shares of gold mining companies, invest in gold ETFs, and even tap into potential tax advantages through a gold IRA.
Real estate has long been a favored way to generate passive income — and unlike stocks or bonds, it’s a tangible asset you can see and manage.
While markets can swing wildly in response to headlines, high-quality, well-located properties can continue producing rental income regardless of what’s happening on Wall Street.
Real estate is also a time-tested hedge against inflation. As the cost of materials, labor and land rises, property values often increase as well. At the same time, rental income tends to climb, giving landlords a revenue stream that adjusts with inflation.
While home prices have been soaring and mortgage rates remain elevated, you don’t need to buy a property outright to get in the game. Crowdfunding platforms, for example, allow everyday investors to own shares in rental properties without the large down payments or management headaches traditionally associated with real estate ownership.
It’s easy to see why great works of art tend to appreciate over time. Supply is limited and many famous pieces have already been snatched up by museums and collectors. This also makes art an attractive option for investors looking to diversify.
In 2022, a collection of art owned by the late Microsoft co-founder Paul Allen sold for $1.5 billion at Christie’s New York, making it the most valuable collection in auction history.
Art typically has a low correlation with stocks and bonds, which helps with diversification. But it’s not without drawbacks: fine art is an illiquid, high-risk asset that requires proper storage, insurance and care — adding to the cost and complexity.
It’s true that investing in fine art used to be an option only for the ultra-rich. But with a new investing platform, you can invest in iconic artworks too, just like Jeff Bezos and Peggy Guggenheim.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
