Trump slaps 30% tariffs on EU, Mexico
(Reuters) -Futures tied to Canada’s main stock index fell on Tuesday, mirroring Wall Street peers, as concerns over erratic U.S. trade policies clouded investor sentiment.
The S&P/TSX index futures were down 0.5% at 6:21 am ET (1021 GMT).
On Monday, the White House said that U.S. President Donald Trump and Chinese leader Xi Jinping will probably speak this week to iron out trade issues, days after Trump accused Beijing of violating an agreement to roll back tariffs and trade restrictions.
Markets will closely monitor the call between the two leaders, as ongoing tariff-induced trade tensions between the world’s two largest economies have caused significant volatility in global equities and businesses.
Additionally, the Trump administration pushed countries for their best trade offers by Wednesday, a sign that trade negotiations were on the horizon.
Meanwhile, the Paris-based Organisation for Economic Cooperation and Development (OECD) trimmed its global growth outlook and said the trade war was taking a bigger toll on the U.S. economy than before.
The news comes ahead of the Bank of Canada’s interest rate decision on Wednesday.
Concerns over how Trump’s tariffs would be implemented after they ran into legal hurdles last week still prevailed after the administration asked an appeals court to pause a second court ruling.
On Monday, Prime Minister Mark Carney met with provincial leaders to expedite mining and energy project approvals and reduce Canada’s economic dependence on the U.S.
In commodities, oil prices steadied, while gold pulled back after nearing a four-week high earlier in the session.
Copper prices fell as factory activity in top metals consumer China missed expectations.
Canada’s commodity-heavy main stock index climbed on Monday, as gold and energy stocks edged higher.
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