Last Month in the Markets – August 2025 – Tariff Tensions, Trade Turbulence, and Inflation Indicators
The TSX was the clear star among North American equity indexes last month, moving nearly 5 per cent above its closing value at the end of July. Not only did it best the S&P 500, Dow and NASDAQ in August, it leads all of them in year-to-date and one-year performance. This has occurred despite the threats and imposition of tariffs from the U.S. President Donald Trump and his administration, and the recently muted response from the Canadian government.