The Globe and Mail reports in its Wednesday, March 5, edition that President Donald Trump has confirmed he is serious about imposing tariffs on Canada and Mexico, raising concerns about the stock market's reaction. The Globe's David Berman writes that many believe Mr. Trump views the stock market as a political gauge, with rallies indicating approval and declines reflecting disappointment. This perception may help temper his aggressive trade policies, which risk increasing consumer prices and disrupting the economy. So far, investors seem to disapprove of Mr. Trump's tariff approach, as evidenced by the S&P 500's decline of up to 2 per cent in early trading on Tuesday. CIBC analyst Ian de Verteuil says there remains a fundamental belief among investors that U.S. market reaction can restrain Mr. Trump's affinity for tariffs. The declines so far, though, may be insufficient to make the President flinch. Mr. de Verteuil says: "His tariff threats began to lose their efficacy. You would get a threat, and the market would say that this is just Trump being Trump." RBC analyst Jason Daw expects that it would take multiple pressure points to directly affect U.S. tariff policy, including a bear market that spans many weeks.