Prime Minister Mark Carney recently indicated that Canada will scale back parts of its retaliatory tariff program against the United States. However, if trade frictions linger, volatility could stay elevated across TSX stocks, despite fundamentals remaining solid for many leading companies. That’s why any temporary decline could offer long-term investors a chance to accumulate shares of quality businesses at more attractive valuations.
Let’s take a closer look at three dependable stocks I’d buy without hesitation if tariff headlines lead to another temporary dip.
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Loblaw stock
The first TSX stock I won’t hesitate to scoop up is Loblaw Companies (TSX: L). Being Canada’s largest food and pharmacy retailer, it has several well-known banners like Real Canadian Superstore, Shoppers Drug Mart, and Joe Fresh in its portfolio. After surging by 32% in the last year, its stock currently trades at $56.88 per share with a market cap of about $67.1 billion.
Higher customer traffic and larger basket sizes drove Loblaw’s revenue up by 5% YoY (year over year) in the second quarter to $14.67 billion. During the quarter, its same-store sales rose 3.5% YoY in food and 4.1% in drug retail, showing the breadth of its growth.
Moreover, the company is making growth investments as it remains on track to add around 80 new stores in 2025. To top it off, Loblaw recently completed a 4-for-1 stock split, making its shares more accessible to retail investors.
With a stable business model, consistent earnings, and expansion plans in both physical and digital channels, Loblaw looks like one of the top TSX stocks to buy now on any dip.
Fortis stock
Moving from retail to utilities, Fortis (TSX: FTS) could be another great TSX stock to consider on a downside correction. This regulated electric and gas utility operator has assets across Canada, the U.S., and the Caribbean. After rising 18% in the last year, FTS stock now trades at $70.05 per share with a market cap of about $35.1 billion. It also offers an attractive annualized dividend yield of 3.5%.
Fortis posted net earnings of $384 million in the latest quarter, up from $331 million a year earlier, with the help of rate base expansion, new projects in British Columbia, and stronger results at its U.S. utilities segment.
On the brighter side, the company is investing heavily, with $2.9 billion spent in the first half of 2025 as part of its $26 billion five-year capital plan. Some of its key projects include battery storage systems in Arizona and the conversion of coal capacity to natural gas.
Fortis also plans to maintain an annual dividend growth rate between 4% and 6% through 2029, making it a solid pick for income-focused investors.
Metro stock
Finally, Metro (TSX: MRU) could provide investors with a solid blend of defensive sales and consistent earnings growth. The Canadian retailer operates a network of nearly 1,000 grocery stores and about 640 pharmacies in Quebec and Ontario. Following a 19% surge over the last year, MRU stock trades at $99.78 per share with a market cap of $21.6 billion.
For the three months ended in June 2025, Metro’s sales rose over 3% YoY with the help of stronger food and pharmacy demand. More importantly, its adjusted profit climbed by 8.8% YoY due partly to efficiency gains at distribution centers and lower shrinkage.
Despite ongoing macroeconomic challenges, Metro continues to invest in expanding its discount banners and enhancing its supply chain. Overall, steady growth, ongoing store expansion, and rising profitability make Metro one of the top TSX stocks to buy on any market pullback.
