Canada’s trade relationship with the United States is getting complicated again, but that doesn’t mean I’d rush to sell Canadian stocks. Instead, I’d try to find out which companies are actually exposed. Notably, the U.S. has imposed 50% tariffs on several Canadian products, while Canada has responded with tariffs of up to 50% on billions of dollars of American goods.
Instead of guessing what Washington or Ottawa will do next, I’d rather invest in businesses with fundamentals that provide some insulation from the dispute. In this article, I’ll look at two TSX stocks that could actually benefit as Trade War 2.0 unfolds.
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Wheaton Precious Metals stock
For investors searching for a TSX stock that could turn trade-war uncertainty into an advantage, Wheaton Precious Metals (TSX: WPM) could be worth considering today.
This Vancouver-based precious metals streaming firm has interests in gold, silver, palladium, platinum, and cobalt assets. WPM stock currently trades at $216.78 per share with a market cap of $98.3 billion and a 0.5% annualized dividend yield. Interestingly, its shares have climbed 49% over the last year.
That strong run has been backed by its impressive operating performance. In the second quarter, Wheaton generated record revenue of US$929 million, up nearly 85% year-over-year (YoY). Its net earnings for the quarter jumped about 86% YoY to US$543 million, while operating cash flow surged nearly 57% to US$650 million.
Higher precious metals prices played a major role in that growth, as Wheaton’s average realized gold equivalent price rose about 61% YoY, while gold equivalent ounces sold increased 14%. And the company is not solely relying on stronger commodity prices, as it now expects its annual production to increase by about 50% by 2030.
With its business centred on precious metals and some critical mineral exposure, it sits outside many of the Canadian product categories being directly targeted by the latest U.S. tariffs. At the same time, prolonged trade uncertainty could keep investor interest elevated in precious metals. That makes WPM an attractive TSX stock to consider if the tariff battle continues.
George Weston stock
If you’re looking for a more defensive way to navigate the Canada-U.S. trade war, George Weston (TSX: WN) could be a great stock to consider.
This Toronto-based company operates through Loblaw and Choice Properties REIT, giving it exposure to grocery, pharmacy, and necessity-based real estate.
Following a 14% rally over the last year, WN stock now trades at $100.85 per share with a market cap of $37.6 billion and a 1.3% annualized dividend yield.
George Weston’s second-quarter revenue rose 4.1% YoY to $15.2 billion, while adjusted earnings climbed nearly 13% YoY to $1.14 per share. Loblaw remained the key growth driver, as its retail sales inched up more than 4%, with food retail sales rising 3.3% as customer traffic, basket size, and e-commerce sales improved.
George Weston could remain largely unaffected by Trade War 2.0 because its core businesses depend heavily on everyday Canadian demand rather than exports of products currently caught in the tariff fight.
Moreover, grocery, pharmacy, and necessity-based real estate remain essential even when cross-border trade becomes more expensive or uncertain.
