Trump dominates discussion at Canada's biggest investor gathering. Here's what people are saying

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One theme dominated Friday's opening ceremonies at the Toronto Money Show, Canada's largest gathering of retail investors.

No, it was not the Bank of Canada's latest interest rate hike. Nor was it the Liberal's proposed tax hit to small businesses. It wasn't even Hurricane Irma, although that was top of mind for most of the show's staff – Money Show is based in Sarasota, Florida.

The main focus for most of the speakers was actually U.S. President Donald Trump. Whether they were Canadian or American, almost every speaker seemed fixated on the President and what his policies may or may not achieve for American jobs and economic growth.

Benjamin Tal, deputy chief economist for CIBC World Markets, dismissed Mr. Trump as a blip on the economic landscape.

"The stock market is not up because of him," he told the audience of more than 1,000 people. "He hasn't done anything to change the market…The jobs lost in the U.S. are not coming back and he has no answer to that problem."

Respected American analyst Ed Yardeni agreed. He is the president of Yardeni Research Inc. and his reports are widely used by financial professionals in both Canada and the U.S.

"The way things are going it doesn't look like he'll get much accomplished," he said, speaking on the topic Trump World. "He's his own worst enemy. At times I think he is not even trying."

A counterpoint to those views was delivered by Stephen Moore, an economic advisor to the Trump campaign and currently is the Distinguished Visiting Fellow, Project for Economic Growth, at the Heritage Foundation, based in Washington D.C.

Moore praised Trump's economic plan to a plainly skeptical audience – he asked before starting how many people loved the President and how many hated him and concluded from the response that he had a lot of convincing to do.

He did a credible job of it although a lot will depend on whether Trump can get some key proposals through Congress. The most important of these is tax reform.

The President wants to cut the U.S. corporate tax rate to 15% from the near-40% level (state and federal) right now. It's doubtful he will get it that low, Moore conceded, but 20% seems doable.

"If that happens, the stock market will go way up," he said. "The government will no longer be a 40% stakeholder in a company. That will be cut to 20% and your shares will be worth a lot more."

Tax reform is at the heart of Trump's plan to revive U.S. industry, although Moore conceded the odds of success are no better than 50-50.

What is important, however, is that "Donald Trump has declared the war on business to be over," he said.

Gordon Pape is Editor and Publisher of the Internet Wealth Builder and Income Investor newsletters. For more information and details on how to subscribe, go to www.buildingwealth.ca.

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