Canada

There definitely is a decoupling of the formerly tight integration between Canada and the USA.

The USA is a much bigger market so it makes sense for companies to plan for moving production there. It's not all one-sided though. Some USA companies are planning to move production to Canada:

https://www.thestar.com/business/faced-with-donald-trump-s-tariffs-this-u-s-company-is-moving-north-of-the-border-and-it-s-not-the-only-one/article_74bd6032-b9d7-4965-827c-937d3a2f6590.html

Canada has surprisingly become a more attractive place to do business than the U.S. for some companies that sell globally, with tariff-free access to major overseas markets and lower operating costs.

Canada’s free-trade deals with Europe, Australia and other key markets make it cheaper and more competitive to manufacture in Canada and export around the world

“When you look backwards, the U.S. story is one of opportunity. When you look forward, the U.S. story is one of risk,”

With the upcoming Canada Investor Summit hopefully we can get significant foreign investment in Canadian infrastructure which can unlock other opportunities. The USA is a much bigger market but Canada can offer stability which helps with long term investment decisions:

https://www.canada.ca/en/campaign/canada-investment-summit-2026.html