The Globe and Mail reports in its Tuesday edition that we are a year out from Liberation Day -- the April 2 White House tariff imposition party -- and not only has the Canadian economy not collapsed, but the Toronto Stock Exchange is up 30 per cent. The Globe's Scott Barlow writes there have definitely been winners and losers in the past 12 months, but the worst fears have failed to materialize. BMO chief economist Doug Porter assessed the impact of Liberation Day policy initiatives on domestic growth in his department's weekly Focus report (U.S. tariffs have had an on-again, off-again trend since the Liberation Day announcements so it is hard to put firm numbers on the scale). Mr. Porter grants that the iciness of Canada/U.S. trade negotiations has "left some visible scars" on the economy. Employment growth has been scant and manufacturing output is lower by 4 per cent. The federal trade deficit has climbed from 0.1 per cent of GDP to 1.3 per cent of GDP, or $44-billion, in the past year. The percentage of domestic exports sent to the U.S. fell from an average of 76 per cent in 2024 to 66.4 per cent. The Canadian economy continues to grow despite these shocks. GDP growth is positive for the first two months of 2026.