Strategist says market correction will have nothing to do with Trump

Contrary to what a handful of market watchers believe, White House policy won't cause the next market correction, strategist Brian Belski told CNBC on Monday.

"I believe the correction has nothing and will have nothing to do with Trump," Belski told "Squawk on the Street." "This is going to be fundamental-led, a surprise."

Belski, BMO Capital Markets' chief investment strategist, said that an oncoming correction would stem from "something we're not accounting for" like China's GDP number coming in lower than expected.

The strategist also knocked the widespread tendency to tie the market's moves to President Donald Trump's policies.

"We examine this president more than any other president. We are incensed with it. Stop doing that and start investing, and then I think the market can do its thing," Belski said.

With earnings seeing slower growth than expected in the early months of 2017, it is no surprise to Belski that numerous analysts predict a correction every time they see a 30- or 40-basis-point drop.

"This is a 'Chicken Little' market, right? Everyone's calling for a market correction every day," the strategist said. "Listen, markets go down for fundamental reasons, and if earnings don't come through, that's when the market will most likely see a deeper correction."

But Belski acknowledged that the market has gone up on policy expectations and could continue to rise higher if some of Trump's plans are implemented.

"I think stocks have gone up in anticipation of a tax cut and infrastructure and Affordable Care Act [reform]," he said. "We think the longer term secular positive ... is less regulation across the board."

And aside from the obvious benefactors — for example, industrial stocks if an infrastructure bill is passed — the Trump agenda could seed some broader benefits as well, Belski said.

"Across the board, less regulation, [from] the FDA, the FCC, the SEC, the EPA, it affects almost every company," Belski said. "That's why stocks are up in our view."