Canada’s exporters are bracing for U.S. tariffs of up to 50% on C$20 billion of goods, with Toronto Stock Exchange-listed energy, banking and materials companies identified as the most exposed sectors, according to banks and analysts monitoring the measures.
Pipeline operators, refiners and cross-border rail networks are expected to bear the brunt of the levies, which could disrupt supply chains and compress margins for major TSX constituents. Enbridge Inc, Canada’s largest pipeline company, faces direct risk through its extensive U.S. operations and reported C$65.19 billion in fiscal 2025 revenue. TC Energy Corporation, which operates the Keystone pipeline, recorded C$15.24 billion in revenue last year and has seen its stock rise 27.4% over the past 12 months.
Energy producers are also in the crosshairs. Suncor Energy Inc, which generated C$48.91 billion in revenue in its last fiscal year, has returned 72.6% over the past year amid strong refining margins but remains highly exposed to U.S. tariff risks. Canadian Natural Resources Ltd, with C$38.76 billion in revenue, and Cenovus Energy Inc, which posted C$49.70 billion in revenue, both derive significant portions of their earnings from U.S. crude exports and refining operations. Cenovus’s stock has gained 98.1% over the past year, while Canadian Natural’s has risen 71.0%.
The banking sector is similarly vulnerable. Royal Bank of Canada, the country’s largest lender by market value, reported C$62.24 billion in revenue for its last fiscal year and has seen a 53.8% share-price increase over 12 months. Toronto-Dominion Bank, which operates one of the top-10 retail banking networks in the U.S. and posted C$63.27 billion in revenue, has gained 63.0% over the same period. Bank of Nova Scotia, with C$31.64 billion in revenue and a 58.0% annual return, has a smaller U.S. footprint but remains exposed through its U.S. and Latin American operations.
Metals producers are not immune. Teck Resources Ltd, Canada’s largest steelmaker by revenue with C$10.76 billion in fiscal 2025 sales, has surged 112.3% over the past year but remains a primary target for U.S. tariffs on metals imports. Canadian Pacific Kansas City Ltd, which operates a U.S.-Canada rail network and reported C$15.08 billion in revenue, has returned 30.0% over the past 12 months and could face supply-chain disruptions.
The measures follow a period of heightened trade tensions, with Canada signaling plans to retaliate against the U.S. tariffs. On August 24, 2026, Bank of Montreal and Bank of Nova Scotia released third-quarter results, with the latter’s shares rising 4.56% after earnings. U.S. crude prices fell on the same day despite the tariff announcement, while Canadian oil exporters remained leveraged to U.S. demand. On August 20, 2026, TC Energy highlighted renewed U.S.-Canada pipeline politics, underscoring the broader geopolitical risks facing cross-border trade.
