In a speech at Scotiabank’s annual financials summit, chief executive Scott Thomson said the new tariff threats U.S. President Donald Trump issued Tuesday are unlikely to have a huge impact on credit performance unless conditions “erode pretty significantly.” While RBC CEO Dave McKay said that his bank also is not seeing credit challenges from the tariffs, he warned that transportation and logistics businesses are reporting losses and struggling with post-pandemic debt. (The Logic)

Talking point: At the same event, National Bank CEO Laurent Ferreira said that while Canada’s new nation-building focus will help the economy, tariffs are weighing on business investment and labour markets. Owners of affected small businesses like copper wire companies might exit those industries if tariffs continue long-term, Ferreira said. Still, Peter Routledge, who leads the Office of the Superintendent of Financial Institutions, said that so far, Canada’s economic performance is “well into the upper quartile of potential outcomes” the regulator considered at the start of the trade war.

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