The Globe and Mail reports in its Wednesday edition that Bank of Nova Scotia is signalling caution over the potential effects of continuing tariff strife between Canada and the United States, but chief executive officer Scott Thomson says consumers and businesses are adjusting well to an evolving global trade environment. The Globe's Stefanie Marotta writes that on Tuesday, Scotiabank posted third-quarter profits that topped analysts' expectations. Mr. Thomson said the Canadian economy has "proven to be much more resilient than expected" since the U.S. first imposed new tariffs last year. He added Ottawa should accelerate its plans to stimulate the economy, remove interprovincial trade barriers and improve approval timelines.
The government could bolster the economy by "getting big things done and continuing to diversify trade while also continuing the great trade relationship we have with the U.S.," Mr. Thomson said during a conference call. "Of course, there's uncertainty, but it does feel like a manageable force to get through as a country." Scotiabank chief risk officer Shannon McGinnis said clients directly affected by the trade war account for less than 1 per cent of the lender's loan portfolio.
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