The Globe and Mail reports in its Monday edition that the deadline for deals with the United States on tariffs is fast approaching. Guest columnist Amber Kanwar writes that President Donald Trump set July 9 as the deadline for country-based tariffs to begin on trading partners without deals in place. With the deadline days away, deals have only been hammered out with Vietnam and Britain. Although the U.S. and China have agreed to a truce, Canada has promised a deal by July 21. The S&P 500 and Toronto Stock Exchange are at record highs. So far, tariffs are not hitting inflation; does that mean companies are absorbing them at the expense of margins? Could margins be the undoing for investors? BMO chief investment officer Sadiq Adatia says tariffs may actually increase a company's profitability. "Let's say a 10-per-cent tariff is imposed on goods crossing the border," Mr. Adatia said on Ms. Kanwar's podcast. "Most consumers think prices will go up by 10 per cent. But only 40 per cent of the product's cost comes from raw goods. So, 10 per cent on 40 per cent is only a 4-per-cent tariff. Companies know people expect 10 per cent, so they might raise prices by 7 per cent, increasing their profits by another 3 per cent."