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By Josh Hall | @Vancan19

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Red Deer’s Scotia Wealth Management: Investing during tariff-period can look different for everyone

Mar 4, 2025 | 5:24 PM

Money… that’s what the tariff situation between Canada and the U.S.A. comes down to, and that’s what Dion Zukiwsky of Red Deer’s Scotia Wealth Management is offering some free advice about on this historically unfortunate day.

Zukiwsky, branch manager, said the main message to Red Deerians is to focus on what you can control.

“We can’t control U.S. trade policy. We don’t believe that these tariffs will be on for the long-term. What Trump’s trying to do is bring trade negotiations to the table to work on various sectors. These won’t stay on for a very long time, because if they do, it could tip not only the Canadian economy into a recession, but will definitely harm the U.S. as well,” he said.

“What we’re telling our clients is to stay calm, focus on what the long-term goals are, and to remember this is a great reason why we have a balanced approach to our holdings and have investments not just in the market, but safe and defensive parts of the portfolios as well.”

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So should you invest your money right now, or be patient?

That’s a question Zukiwsky’s team has been getting quite regularly as of late.

“There’s potentially some strong opportunity building here. If people are currently invested in a balanced approach, hold what you have, definitely don’t sell, and be a little patient to add to it. If somebody is just starting to invest, start to put some of the money to work, but definitely keep some aside because the volatility is going to continue in the short-term,” Zukiwsky remarked.

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“That could provide more opportunity down the road. Long story short. If the markets do continue to be volatile, you’re going to be able to average in at a lower cost, which over the long-term is going to be very powerful.”

If you ask him, confidence exists that negotiations could quickly lead to alleviation of the situation, but it’s far from a sure thing, and the worse case scenario is grim.

“What we don’t want to have happen is obviously a global trade war, and we’re already seeing Canada implement its own tariffs. China has also retaliated,” he said, noting too that Mexico has joined the fray.

“Auto is a great example; whether it’s from the east like Ontario, or from Mexico, there are certain components of automobile manufacturing that can cross the border two, three, four times before final assembly. If that’s being tariffed both ways, that’s a significant cost to the end product.”

If the end product costs a lot more, Zukiwsky pointed out, consumers will hold off on purchasing, and businesses earn less revenue.

“That’s why we really believe, because the supply chains are so interconnected, eventually Washington will have to take a step back and look at the potential damage to its own economy,” he said.

For more advise from Scotia Wealth Management in Red Deer, call them at 403-356-7025, or visit reddeer.scotiawealthmanagement.com.

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