The Globe and Mail reports in its Tuesday edition that Purpose Investments fund manager Craig Basinger has been investing more defensively in recent months, even before U.S. President Donald Trump launched a tariff war that sent markets crashing. The Globe's Brenda Bouw writes that Mr. Basinger believes inflation is back and tariffs -- if they do come, after being delayed again until April 2 -- will likely worsen it. If tariffs are ultimately slapped on Canada, Mr. Basinger is not convinced they will endure, especially if markets continue to react negatively. He calls it the "Trump Put," given the belief that Mr. Trump measures his success on the performance of U.S. stock markets. One stock that he has recently trimmed is Cameco. Mr. Basinger says Cameco "is a stock we owned for about eight years -- since the early days of Purpose Core Equity Income Fund -- and trimmed considerably in November at $82.42 a share. Because we have an active strategy for more cyclical stocks such as Cameco, we tend to add or trim more often, ideally trimming on strength and adding on weakness. With the stock price now trading around $60, it's starting to look more appealing." Other defensive stocks include fast food and telecommunications.