The Globe and Mail reports in its Friday edition that on Monday, Donald Trump said he would impose 25-per-cent tariffs on all U.S. imports from Canada on Day 1 of his second term in January. The Globe's Tim Shufelt writes that considering the United States absorbs nearly 80 per cent of this country's exports, a severe economic toll was suddenly in play. But on the Toronto Stock Exchange the next morning: crickets. In the trading days since, the TSX has inched up to record highs. It seems like the stock market, like Mr. Trump himself, does not care what happens to the Canadian economy. The TSX is a bit of an outlier in the investing world in that it is more attuned to the ups and downs of the global economy than what's happening at home. There is another force at work here. The stock market, like all of us, has grown accustomed to life under Mr. Trump, where the threats are frequent, but frequently hollow. The market does not really believe those tariffs will come into place. Consider the energy sector. Energy investors clearly are not buying it. Canadian crude forms a crucial supply for Midwest refineries. More importantly, Why would Mr. Trump slap 25-per-cent tariffs and run the risk of seeing higher prices at the pump?