The Globe and Mail reports in its Thursday edition that a tariff shock like the one threatened by U.S. President Donald Trump could drag Canada into a recession that lasts three years, knocks three percentage points off GDP and costs 1.5 million jobs. The Globe's Tim Shufelt writes that economically, the worst-case scenario looks grim. Where might that leave the Canadian stock market? Broken economies have a habit of dragging stock prices down with them, so it is curious there is no hint of distress on the Toronto Stock Exchange. In the two months since Mr. Trump first brandished a 25-per-cent tariff on imports from Canada, domestic stocks have actually gained a little. The S&P/TSX Composite Index has increased 0.2 per cent over that time, rising and falling in unison with U.S. stocks and with little concern that the Canadian economy could be under attack. There are two explanations for stock-market indifference. One, the markets do not take Mr. Trump's threats seriously. Two, the TSX is a resource-based and thus globally oriented market. However, strength in commodities will afford only so much immunity. If the worst comes to pass on tariffs, there is no reason to believe the Canadian stock market would be spared.