After a tough two-day drop, Canada’s main stock index rallied on Wednesday following reports that US President Donald Trump’s administration was considering relaxing the strict tariffs on imports from Canada and Mexico.
On Tuesday, US Commerce Secretary Howard Lutnick mentioned that the government was thinking about reducing the 25 per cent tariffs on Canadian and Mexican imports for products that meet the trade agreement established with these countries during Trump’s first term.
US markets also rose as traders anticipated a potential compromise on the tariffs imposed by the Trump administration on goods from major trade partners.
The Canadian dollar traded for 69.71 cents US compared to 69.27 cents US on Tuesday.
US crude futures traded US$1.81 lower at US$66.45 a barrel, and the Brent contract lost US$1.61 to US$69.43 a barrel.
The price of gold was up US$9.76 to US$ 2,919.49.
In world markets, the Nikkei was up 87.06 points to ¥37,418.24, the Hang Seng was up 652.44 points to HK$23,594.21, the FTSE was down 3.16 points to ₤8,755.84, and the DAX was up 754.22 points to €23,081.03.
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(Top image generated with AI.)