Fidelity finds 47% of advisors already field tariff questions from clients
Nearly two-thirds of Canadians want Ottawa to pull back its trade focus on the US, and 70% name less economic reliance on Washington as a benefit of closer EU ties. Canadian investment flows show a different pattern.
Canadian investors bought C$28.9 billion of US shares in August, after a record C$31.0 billion sale in July, according to Statistics Canada. Purchases over the first eight months of 2026 reached a record C$76.0 billion, compared with C$52.6 billion a year earlier, with large-cap technology companies accounting for most of the buying.
The survey of 1,510 Canadian adults, commissioned by Apertera (formerly Alexa Translations), found 63% want a smaller US trade focus and 79% want more trade and economic focus on the EU over the next five years. Some 85% consider a significantly closer trade and economic relationship with the EU important, and 67% call it very important.
Trade policy has already reached client meetings. In a Fidelity Investments Canada survey released in June, 47% of advisors said clients were raising tariffs and trade policy, and six in 10 said they were reinforcing geographic and sector diversification.
Export data shows a shift away from the US
The US share of Canadian exports fell to 66% in July from about 75%, the lowest level since 1997 outside the pandemic. Global Affairs Canada estimates that only 60% of the potential value of Canada’s EU trade deal is being used.
iA Financial Group chief economist Sébastien Mc Mahon has said Canadian stocks in energy, defence, aerospace and critical minerals could see a pickup if Canada-EU trade ties deepen. He also expects fund managers to look more closely at European equities.
A partnership designed for one country
Canada and the EU meet in Montreal, 10 years after signing the Comprehensive Economic and Trade Agreement (CETA), which a handful of member states have yet to ratify. European officials said that the terms of Canada’s “associate membership” will not be finalized this week, and they aim for endorsement at next year’s summit.
The officials described it as the EU’s closest-ever alliance with another country, drawn up only for Canada, though its name remains under debate. Prime Minister Mark Carney said, “This is the launch of further formal discussions, negotiations over the course of the next year.”
Carney’s proposals to the European Parliament in September included an integrated Canada-EU market for financial services. According to CTV News, the measure was presented as a way to widen choice, reduce costs for consumers and improve companies’ access to capital.
Conservative Leader Pierre Poilievre said Canada already has trade and defence agreements with the EU through CETA and NATO.
“We want Canada to have free trade with Europe, co-operation with Europe, but we will never surrender our independence and sovereignty over our laws, our tax money, and our immigration policies,” he said.
Tariff pressure from Washington continues
President Donald Trump called the proposed membership “laughable” last month and said it could be considered a “hostile act.” Canada remains in a trade war with the US.
Trump signed a proclamation on Friday allowing 22 Canadian products previously subject to his 50% tariffs to enter the US duty free, while adding 100 new products at that rate. The tariffs took effect in late August on about US$20 billion of Canadian goods.
Survey respondents also see obstacles for businesses that expand abroad, with 54% citing tariffs, customs and border requirements and 50% pointing to local laws and compliance.
“Success in a new market depends on much more than access,” said Apertera CEO Gary Kalaci.
