Donald Trump has made U.S. a much better bet than Canada, top fund managers say

U.S. President Donald Trump's tax cuts and pro-business agenda have revved up growth, stocks and corporate confidence, some of Canada's top fund managers said.Saul Loeb/AFP

A reinvigorated U.S. economy under Donald Trump is a better bet than Canada, where a ticking consumer-debt bomb and declining competitiveness are dragging on asset prices, according to top-performing money managers north of the border.

President Trump’s tax cuts and pro-business agenda have revved up growth, stocks and corporate confidence, the managers said in a panel discussion at Bloomberg’s Toronto offices on Wednesday. Contrast that with Canada, where minimum wage hikes and carbon levies are ratcheting up business costs as a housing boom pushes consumer credit to a near-record 170 percent of disposable income.

“It’s not just one thing in isolation, it’s many things,” said Toronto-based Noah Blackstein, whose $1.5 billion (US$1.2 billion) Dynamic Power Global Growth Class fund has outperformed 554 global peers over the past 10 years. “I don’t see how it’s of benefit to Canada.”

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