The Canadian Stocks Worth Owning When a Trade War Hits

Not every Canadian stock is equally exposed to a trade war. Here are two stocks that could prove more resilient while continuing to create long-term value.

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Key Points
  • A new wave of U.S. tariffs is raising new questions for Canadian investors, but some businesses are built to handle this kind of uncertainty.
  • Wheaton Precious Metals (TSX:WPM) is delivering record earnings and expanding its global portfolio, making it an attractive way to ride out trade tensions.
  • Canadian Tire (TSX:CTC.A) continues to grow sales, strengthen customer loyalty, and reward shareholders despite a cautious spending environment.

A hockey stick may not look like a market signal, but recently it appeared to become one. Notably, the United States announced a new 50% tariff on a range of Canadian goods earlier this week, including hockey sticks, honey, and other specific products.

This time around, goods that qualify under the Canada-United States-Mexico Agreement are also likely to face the measure. That makes the latest trade threat broader and harder for Canadian businesses to sidestep.

However, that doesn’t mean Foolish investors need to abandon the market or stock investing. They just need strong companies that could absorb uncertainty and keep creating value in the long run.

In this article, I’ll spotlight two such Canadian stocks that could remain attractive through a trade war.

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Source: Getty Images

Wheaton Precious Metals stock

A smart way to handle trade-driven market volatility is by considering a stock like Wheaton Precious Metals (TSX: WPM), whose global streaming business gives it a very different risk profile from a traditional exporter.

The company secures portions of future precious metals production from mining partners. Currently, its portfolio includes 22 operating mines and 26 development and other projects.

After rising 24% over the last year, WPM stock now trades at $155.08 per share with a market cap of $70.6 billion. At the current price, it has a 0.7% annualized dividend yield.

In the latest quarter (ended in March), the company’s revenue surged 92% year-over-year (YoY) to a record US$901 million. Its net earnings jumped 129% from a year ago to US$582 million, while operating cash flow climbed 112% to US$766 million. The biggest driver behind this growth was a 98% jump in the average realized gold equivalent price, partly offset by a 3.4% decline in ounces sold.

Wheaton’s production in the latest quarter was also strong as its gold equivalent output rose 21.5% YoY to nearly 212,000 ounces.

Its growth pipeline gives it another layer of appeal. Interestingly, Wheaton recently completed its largest streaming deal through Antamina, entered Australia through the Jervois agreement, and expects annual production to rise about 50% to 1.2 million gold equivalent ounces by 2030.

Trade tensions could fuel economic uncertainty and strengthen investors’ interest in precious metals. That makes Wheaton an attractive Canadian stock to own when cross-border risks are rising.

Canadian Tire stock

For investors who prefer a deeply rooted domestic business, Canadian Tire (TSX: CTC.A) could offer a great way to ride out a trade war.

It mainly operates retail banners, a financial services division, and a large real estate portfolio. The company’s shares have gained 13% so far in 2026 to currently trade at $196.97 apiece with a market cap of $10.4 billion. At this price level, it offers a 3.7% annualized dividend yield.

In the first quarter, Canadian Tire’s consolidated revenue rose 3.3% YoY to $3.6 billion, while retail revenue climbed 2.9%. Its subsidiary SportChek’s comparable sales rose 3.3% YoY, and Mark’s posted 1.2% growth. These gains helped offset a 2.3% decline at Canadian Tire stores. Lately, Canadian Tire has also increased its focus on modernizing through its True North strategy and repurchasing shares.

While a trade war may weigh on imported goods and consumer confidence, Canadian Tire’s brand loyalty, broad domestic network, and diversified operations give it solid staying power. That makes it an appealing stock for investors seeking resilience and income during a prolonged trade dispute.

Fool contributor Jitendra Parashar has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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