TSX edges lower as US-Canada trade talks collapse

The S&P/TSX Composite Index edged lower to trade around the 36,500 mark on Monday after trade talks between the US and Canada collapsed.

Canadian Prime Minister Carney said he would match US tariffs after the US imposed 50% tariffs on selected Canadian goods on Saturday.

The new duties include furniture, plastics, plywood and electrical equipment, adding to existing tariffs on steel, lumber and autos.

Manufacturers traded lower, with Magna International losing nearly 4% and both BRP and Linamar down nearly 1.5%.

Meanwhile, financials traded mostly lower amid uncertainty surrounding imminent US sanctions against Iran.

The measures could further restrict Iranian oil flows and push oil prices higher, creating renewed inflationary pressures.

RBC, TD Bank and other major banks shed nearly 1% ahead of earnings reports this week.

Losses were partially offset by gains in mining shares as gold prices rose.

Agnico Eagle, Barrick and WPM added about 2%.