Trade turbulence matters, but especially in Canada where the trade disputes are with our neighbour to the south. The market is packed with companies that either sell into the United States, source from abroad, or depend on commodity prices that can swing on every new headline. When tariffs, border rules, or supply chain worries heat up, investors tend to dump anything that looks exposed.
That can create bargains, but only if the business has enough resilience to keep growing through the noise. In that kind of market, I would look for companies that either control costs well, sell products people still need, or have enough pricing power to protect profits. So let’s look at a few.
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SCZ
Santacruz Silver (TSXV: SCZ) is one of the more surprising names in that conversation. It’s a Canadian-listed silver and base metals producer with operations in Bolivia, so it’s not a direct bet on Canadian consumer demand or cross-border shopping trends. Instead, it gives investors exposure to silver, zinc, lead, and copper at a time when trade friction can push capital toward hard assets and away from more economically sensitive sectors.
The last year has been busy. Santacruz pushed ahead with a share consolidation, secured a Nasdaq listing in January 2026, and then landed at the very top of the 2026 TSX Venture 50 after a massive run in 2025. It also reported fourth-quarter 2025 production of about 3.7 million silver equivalent ounces, showing that this is not just a market story. It’s still an operating company producing real metal in a market that has grown more nervous.
The numbers are part of the appeal. In the third quarter of 2025, Santacruz reported revenue of US$80 million, gross profit of US$20.2 million, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of US$19.5 million, and net income of US$16.3 million. Cash and marketable securities rose to US$59.2 million. The Canadian stock still looks speculative, but with a market cap around $1 billion and a trailing price-to-earnings (P/E) near 12, it is not priced like a wild concept stock. The risk, of course, is that smaller miners can swing hard on operations, costs, and metal prices. Still, if trade turbulence keeps investors uneasy, a profitable precious-metals producer could keep surprising people.
GIL
Gildan Activewear (TSX: GIL) is a very different kind of surprise candidate. It sells basic apparel, including T-shirts, fleece, socks, and underwear, which sounds dull until you remember that boring can be beautiful during market stress. It’s not chasing fashion trends. It sells staples. That gives it a steadier profile when consumers get cautious and when companies want a dependable supply from a large, efficient producer.
The last year brought a major twist. In August 2025, Gildan announced a deal to buy HanesBrands, and it closed that acquisition in December. That move gave Gildan more scale in innerwear and basics, while also giving investors a fresh reason to rethink the Canadian stock. Trade turbulence can hurt apparel makers, no question, but size, sourcing flexibility, and category breadth matter a lot when the global supply chain gets messy. Gildan now has more of all three.
The financial story still looks strong. For 2025, Gildan reported record revenue from continuing operations of US$3.6 billion, an adjusted operating margin of 21.5%, and adjusted diluted earnings per share of US$3.51. In the fourth quarter alone, revenue reached US$1.1 billion. The stock trades with a market cap around $14.6 billion and a trailing P/E near 22, with a forward P/E closer to 13. That’s not dirt cheap, but it looks fair for a Canadian stock guiding for 2026 revenue of US$6 billion to US$6.2 billion and adjusted earnings per share (EPS) of US$4.20 to US$4.40. The risk is clear: integration always brings pressure, and tariffs can still squeeze costs. But this looks like a business with real room to execute.
Bottom line
Trade turbulence can scare investors into hiding, but it can also uncover stocks that are stronger than the headlines suggest. Santacruz Silver offers a harder-asset angle with improving financial muscle, while Gildan brings scale, steady demand, and a bigger platform after its Hanes deal. Neither Canadian stock is risk-free, but both look capable of surprising investors if the market keeps expecting the worst.
