If you are watching Trump tariff headlines and wondering which parts of your nest egg could be vulnerable, the answer usually comes down to one thing: how much the company actually depends on having smooth global trade to keep earning.
Talk of tariffs, carve-outs, and “strategic” exemptions has returned, and companies that rely on smooth cross-border flows can get kicked around by the headlines. When that happens, investors often turn toward businesses that can keep earning through the noise, either because their balance sheets stay strong, their revenue streams stay sticky, or their products are in the “must-have” category. So today, let’s look at a few.
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GWO
Great-West Lifeco (TSX:GWO) looks like a trade-tension-friendly pick as it doesn’t need perfect global trade to keep compounding. It runs large insurance, retirement, and wealth platforms in Canada, the U.S., and Europe, and it earns fees and spreads on long-duration client relationships. It also leaned into share repurchases and raised its dividend, something investors always love.
The latest results were clean. In Q4 2025, base earnings hit $1.25 billion, or $1.36 per share, and full-year 2025 base earnings reached $4.65 billion, or $5.03 per share, with base return on equity (ROE) at 18.2%. It also announced a 10% dividend increase to $0.67 quarterly. On valuation, the stock has traded around 15 times trailing earnings recently, which looks reasonable for a business that keeps churning out earnings and buybacks.
FFH
Fairfax Financial (TSX:FFH) can also hold up when trade headlines get loud, as it behaves like a disciplined capital allocator first and an insurance company second. It owns a web of property and casualty insurers and investments, and it tends to thrive when volatility creates opportunity. Over the last year, its narrative stayed centred on underwriting profitability, rising book value, and opportunistic buybacks.
In full-year 2025, Fairfax reported net earnings of $4.77 billion, or $213.78 per diluted share, and book value per basic share rose to $1,260.19 at year-end, up meaningfully from the year prior. Yet it trades at just 8 times earnings.
MFC
Manulife (TSX:MFC) earns across geographies and business lines, which can help when one region gets messy. It operates insurance and wealth businesses in Canada, Asia, and the U.S., plus a large global wealth and asset management platform. Over the last year, the TSX stock kept pushing its growth engines in Asia and wealth while tightening capital discipline.
The 2025 numbers show solid momentum. Full-year net income attributable to shareholders came in at $5.57 billion, while core earnings reached $7.521 billion and core earnings per share (EPS) rose to $4.21. It also increased its quarterly dividend by 10.2% to $0.485 and said it intends to repurchase up to about 2.5% of outstanding shares. The valuation also looks moderate, with the stock around 16 times trailing earnings.
WCN
Waste Connections (TSX:WCN) deserves a spot as people and businesses still produce waste in every economy. Municipal contracts, recurring routes, and a network of landfills and transfer stations create pricing power that tends to show up when inflation runs hot or growth slows. Over the last year, the company kept leaning into disciplined acquisitions and steady margin improvement.
Its 2025 performance and 2026 outlook support that “keep it simple” thesis. For full-year 2025, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) was $3.125 billion and adjusted net income was $1.328 billion, or $5.15 per diluted share. For 2026, it guided to revenue of $9.90 to $9.95 billion and adjusted EBITDA of $3.30 to $3.325 billion. The valuation stays premium, with the stock near 40 times trailing earnings, so the obvious risk is multiple compression if growth slows or rates rise.
If there’s one stock on this list that genuinely doesn’t depend on what happens with trade, it’s Waste Connections. The garbage has to go somewhere, no matter what else is going on in the world.
Bottom line
If you’re worried about Trump’s tariffs, don’t try to predict the next headline. It’ll be far easier to just own stocks that don’t depend on your getting the prediction right.
Own businesses that can keep earning while everyone else argues. These are the kinds of stocks that can help you keep calm and invest on.
Stock Advisor Canada loves to recommend stocks that hold up when the macro gets messy. If that sounds like the way you want to invest, it’s worth trying out.