TSX futures little changed after Canada GDP print
Canadian stock futures were little changed after second-quarter GDP growth of 3.3% annualized, slightly below 3.4% forecasts, adding to worries over the outlook amid escalating US-Canada trade tensions.
Futures tracking Canadian stocks were little changed on Friday following the release of GDP data.
Canada’s economy expanded at an annualized rate of 3.3% in the second quarter, slightly below forecasts of 3.4%, adding to concerns over the economic outlook amid escalating trade tensions with the US.
Canada’s ambassador to Washington, Mark Wiseman, said on Thursday that Ottawa could not accept a trade deal unless it ensured the survival of a robust Canadian auto assembly and parts industry.
Meanwhile, US President Trump threatened on Monday to raise tariffs on all Canadian cars, trucks, and automotive parts to 50% from January 1st, 2027.
The US also imposed 50% tariffs on selected Canadian goods on Saturday, including furniture, plastics, plywood, and electrical equipment, on top of existing duties on steel, lumber, and autos.
Canada responded with retaliatory tariffs on about $20 billion of annual US imports.
Concerns are that the trade tensions could derail the economic recovery.