Last week marked the first anniversary of U.S. President Donald Trump’s so-called Liberation Day. Executive Order 14257 laid out an extensive list of import duties, citing a national trade deficit emergency. Anxieties ran high in capitals around the world. Nowhere more, perhaps, than in Ottawa.

A year later, Washington’s trade policy disruption has had a less dramatic effect than many expected, according to a report published Wednesday by RBC Economics. Canada enjoyed per capita GDP growth for the first time in three years in 2025. Last year was also the first time since 2013 that foreign direct investment into Canada exceeded Canadian investment abroad.

As things stand, April 2025 looks mostly like a case study on the importance of a long-term view.

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