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Donald Trump’s return to the U.S. presidency has reignited concerns about protectionism and its implications for global trade.

Highlights:

• Reducing internal trade barriers could significantly boost Canada's GDP per capita by up to 4%, enhancing economic resilience in the face of tariff threats.
• Despite the prevailing bearish sentiment, Europe's low expectations set the stage for potential upside surprises in 2025.
• We remain overweight on equities, focusing on U.S. and Canadian markets due to favourable earnings and the positive impact of deregulation.

Your experts   Sébastien Mc Mahon, MA, PRM, CFA Chief Strategist, Senior Economist and Vice-President, Asset Allocation & Portfolio Manager Follow Sébastien Mc Mahon on          Alex Bellefleur, MA, CFA Senior Vice-President, Head of Research, Asset Allocation     Tuyen Tran, M.Sc., CFA Senior Analyst, Asset Allocation and Economics

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"iAGAM" is a tradename under which iA Global Asset Management Inc. and Industrial Alliance Investment Management Inc. operate.