Tariff-Proof Industries Shine in North America

Vancouver, BC - April 4, 2025 - "Tariff-proof" industries are those less likely to be directly impacted by tariffs, either because they primarily operate domestically, rely on local supply chains, or provide services rather than goods that cross borders. Tariffs typically affect industries involved in international trade, especially those dependent on imported or exported goods. Based on this understanding, here are five industries in North America that are generally more resilient to tariffs:

Healthcare Services:
- Healthcare, including hospitals, clinics, and medical practices, is largely a domestic service industry. It relies on local labor (doctors, nurses, staff) and domestic infrastructure rather than imported goods. While medical supplies or pharmaceuticals might face tariff-related cost increases, the core service delivery remains insulated from trade disruptions.

An interesting note: It is important to keep health care local. LifeLabs, originally a Canadian-owned company providing medical laboratory testing services, was acquired by U.S.-based Quest Diagnostics in August 2024 for $1.35 billion CAD, marking a significant shift as it now operates as an American entity in Canada. The acquisition by Quest, a New Jersey-based leader in diagnostic services, has raised discussions about foreign ownership of critical healthcare infrastructure, though Quest has pledged to keep Canadian patients’ health data stored within the country.

Local Real Estate and Property Management:
- Real estate involves buying, selling, and managing properties within a country, making it inherently local. Companies like FirstService Corp. in Canada, which manages residential and commercial properties, generate significant revenue domestically or in markets unaffected by cross-border tariffs, reducing their exposure.
Education Services:
- Education, including schools, universities, and online learning platforms, operates within national boundaries and serves local populations. It doesn’t depend heavily on physical imports or exports, shielding it from tariff impacts. Even international students, a potential trade-related factor, are more affected by visa policies than tariffs.
Utilities (Electric, Water, and Gas)
- Utility companies provide essential services like electricity, water, and natural gas, typically sourced and distributed within a country. Their operations are regulated and localized, minimizing reliance on international trade. For example, a North American utility provider’s supply chain is mostly domestic, making it tariff-resistant.
Entertainment Industry (e.g., Acting, Modeling, Commercials)
- The entertainment industry, including film, TV, commercials, and modeling, is largely domestic in North America. Productions often use local talent and studios, and while some equipment might be imported, the core output—performances and content—faces minimal tariff impact.

These industries thrive in North America due to their focus on domestic demand and minimal dependence on cross-border goods, making them more "tariff-proof" compared to manufacturing or agriculture, which are often hit hard by trade policies.

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