Hard to say how this all impacts Canada but the early signs are that some of the experts got this all wrong and the trade war isn't all that bad for Canada. The more the US gets squeezed the more they'll want to get a deal done with Canada. Magna and Linamar ( auto parts ) for example are both seeing sales to the US drop but forecast a net gain in overall sales. For traders this is an opportunity because anything US trade related sold off hard and many of these firms were modest P/Es anyways.