Led by energy sector losses, Canada’s top stock index slid on Wednesday, as investors looked ahead to potential tariff discussions between the United States and its global trade partners.
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The US government had set Wednesday as the deadline for its trading partners to present trade proposals to avoid the so-called “Liberation Day” tariffs, which are scheduled to take effect in early July. On the same day, Washington announced it would double tariffs on steel and aluminum imports, applying the increase to all countries except the United Kingdom, which is the only nation to have reached a preliminary trade agreement.
The US and China are expected to hold talks later this week aimed at resolving ongoing trade disputes.
Meanwhile, the Bank of Canada held its benchmark interest rate steady at 2.75 per cent, the second consecutive rate hold following a series of seven cuts, citing tariff uncertainty as a reason to be cautious.
The Canadian dollar traded for 73.11 cents US compared to 72.89 cents US on Tuesday.
US crude futures traded $0.61 lower at US$62.80 a barrel, and the Brent contract lost $0.75 to US$64.88 a barrel.
The price of gold was up US$20.09 to US$3,373.31.
In world markets, the Nikkei was up 300.64 points to ¥37,747.45, the Hang Seng was up 141.54 points to HK$23,654.03 the FTSE was up 14.27 points to ₤8,801.29, and the DAX was up 184.86 points to €24,276.48.
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