Supply management in Canada has long protected dairy prices, but with rising tensions, particularly concerning U.S. trade relations, large Canadian cheese producers like Saputo Inc. (SAP.TO) may be pressured to operate in a more open market. The Trump administration has pushed for the removal of 300% tariffs on U.S. dairy imports into Canada, complicating matters for trade negotiators attempting to avoid US tariffs against other Canadian industries. Shares of Saputo have underperformed within the SIA S&P/TSX Index Report, with technical resistance levels at $24.79 and may be in the crosshairs of President Trump, who, while wielding his own tariff hammer, is said to be a proponent of free markets—a stance that Canadian cheese may not align with.