Canada’s main stock index climbed in the final hours before tariffs were set to be implemented by the US. President Trump announced extensive reciprocal tariffs on global trading partners, calling it “Liberation Day,” which threatens to disrupt long-standing trade practices. These tariffs, effective immediately, are expected to lead to price hikes and provoke retaliatory actions from affected nations. Prime Minister Mark Carney’s office reported that he and Mexican President Claudia Sheinbaum discussed Canada’s strategy to “combat unjustified trade actions” by the US, with tech-led growth on the TSX while the telecom sector saw declines.
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US companies have admitted that the “Buy Canadian” movement has made it more challenging for their products to enter Canadian stores. Meanwhile, US markets experienced another volatile session as Wall Street prepared for the anticipated rollout of President Trump’s tariffs.
The Canadian dollar traded for 70.03 cents US compared to 69.85 cents US on Tuesday.
US crude futures traded $0.77 higher at US$71.97 a barrel, and the Brent contract rose $0.70 to US$75.19 a barrel.
The price of gold was up US$9.46 to US$3,122.59.
In world markets, the Nikkei was up 101.39 points to ¥35,725.87, the Hang Seng was down 4.31 points to HK$23,202.53, the FTSE down 26.32 points to ₤8,608.48, and the DAX was down 149.14 points to €22,390.84.
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(Top image generated with AI.)