The Taxman Cometh

Just 80 days into President Trump’s second term, aggressive tariff policies have been fueling uncertainty and driving significant, real-time market reactions. Simultaneously, 2025 is shaping up to be an epic year of tax policy, with the 2017 Tax Cuts and Jobs Act (TCJA) set to expire at year’s end. As first quarter earnings kick off in an unusually dynamic market environment, understanding the evolving trade landscape – and what it means for your stakeholders – is more important than ever.

Our tax, trade and financial communications experts have outlined key takeaways to help you navigate this moment of uncertainty:

• Focus on resilience and adaptability. Companies should focus their earnings communications on several themes: the resiliency of their business, options for adapting their business to mitigate potential impacts and how these decisions align with their long-term strategy.

• Map stakeholders thoughtfully. Trade policy impacts involve broad and multifaceted stakeholder issues. From consumers to suppliers to employees, understanding and addressing diverse concerns is key. Holistic stakeholder mapping is essential.

• Avoid conflicting messages. What you say to investors on a public earnings call can (and will) echo in Washington. Misalignment and lack of integration between corporate messaging and policy communications carries real risk and impact to discussions with policymakers and the administration. Consistency across all audiences is crucial.

As tax and trade dynamics continue to evolve, aligning your strategic and policy communications is critical. Our integrated team of policy advisors and strategic communicators is here to help you mitigate risk and seize opportunity. 

To connect with one of our experts, contact TaxandTradeOutlook@fgsglobal.com.

The first months of President Trump’s administration have rattled Canadians – with close to nine in ten saying their view of the United States has worsened overall. As Canadian voters prepare to head to the polls on April 28th, our colleagues at FGS Longview break down the ways in which current Canadian-U.S. relations are impacting the upcoming election:

• Over the last two years, Canadian Conservative Party leader Pierre Poilievre has been the presumptive frontrunner – but the return of President Trump has upended these assumptions. 

• With the Liberal Party rallying under a new leader, Mark Carney, all parties are now contending with an election dominated by a new ballot question.

• Long-held policy positions are being reconsidered and redefined as Canadian parties have been forced to rethink economic and security strategies.

• Trump’s on-again-off-again tariffs are testing Canada’s ability to respond under election constraints.

• Negative views of the U.S. are surging among Canadians, with just 33% viewing the U.S. favorably – roughly the same favorability rating as China.

• 63% of Canadians believe Trump’s comments on making Canada the “51st state” must be taken very seriously.

• Amid this backdrop, the candidates will face a challenging balance—defending Canadian interests while managing essential economic and diplomatic ties with the U.S.

To learn more about how our experts can help you prepare, reach out to CanadianElection@fgslongview.com. 

In Canada, the government must maintain the support of a majority of Members of Parliament (MPs) to stay in power. A majority government is formed when a political party has more than half of the seats in the House of Commons. A minority government has fewer than half the seats and therefore will require some support from opposition MPs at certain points.

There are therefore two key axes to consider in terms of the election outcome: which party will form the government and whether that party also will hold a majority in Parliament. Using this framework, our colleagues at FGS Longview have examined the alternative futures:

• Blue* Wave – A Conservative majority government under Pierre Poilievre. Conservatives feel their narrative of a broken country is vindicated and their alignment of “the people” against “the establishment” validated. “Canada First” agenda moves ahead at speed after a brief settling-in period.

• Blue Splash – A Conservative minority government, reliant on support from another party or parties. Poilievre must reconcile populist passion with a restricted verdict from Canadians. Negotiated support will impact the ability to implement major reforms without concessions, “Canada First” agenda proceeds with a more limited, sharper focus.

• Carney’s Red Reset – Mark Carney turns the tide, and the Liberals (aka the “grits”) secure a majority government for the first time since 2015. With a fresh mandate, Carney moves to reset Canada’s “Center” and seeks new paths toward current goals.

• Coalition Crossroads – A Liberal minority government is dependent on the New Democrat Party (left of center, social democratic party) or Bloc Québécois (which advocates for Quebec’s interests) to govern. The Liberals are granted a reprieve and, similar to their last term, must negotiate a path forward that balances progressive demands with economic and foreign policy realities. 

*Note that in Canada, party colors are the opposite of those in the U.S.: red represents the Liberals while blue represents the Conservatives.