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  5. SHOP: How do you see the tariffs affecting SHOP? [Shopify Inc. Class A Subordinate Voting Shares]

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Q: How do you see the tariffs affecting SHOP? It is a volatile stock but volatility has been rather extreme since the talk, and introduction of tariffs. How do you see all of this playing out? How specifically will they be impacted? Are there any silver linings here?
Asked on March 14, 2025
5i Research Answer:
Lutke has said publicly that SHOP will not be directly impacted. Of course, if retail sales...
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