Video: Why April 2nd will be a watershed for markets

I spoke with BNNBloomberg on Thursday about the risks around the White House's April 2nd planned announcement on global reciprocal tariffs, something I wrote about here.

I also dove deeper into the Bank of Canada decision:

• People are overlooking the survey data they released.
• It was highly unusual to publish a survey along with the decision
• The survey is the message and it shows 40% planning to decrease employment and 48% capital expenditure

Broadly, I'm still upbeat on on the Canadian dollar from here because I don't think tariffs will (or can) last.

• Trump is saying tariffs and annexation but the loonie isn’t falling, that’s the message
• If you listen to what Trump’s deputies are saying, they are still highlighting fentanyl, which I expect they will pivot away at month end
• White House Economic Advisor Kevin Hassett said it was a good time to get bullish in Canada and Mexico
• Congress has been relatively quiet, which I believe is short-term deference, likely only until month end
• I continue to believe that they’re asking to renegotiate USMCA sooner, though Canada is hardly in a position to agree to that because an election call is imminent

Watch it here: