TSX Jumps on Hopes of Easing US-Canada Trade Tensions
The S&P/TSX Composite Index rose around 1.5% to the 36,000 mark as the Democrats regained control of both chambers of Congress in the US, raising hopes of easing trade tensions between the two countries. A Democratic majority could constrain some of President Trump’s trade policy decisions. The dispute began in February 2025, when Trump announced broad tariffs on Canadian goods, prompting retaliatory measures from Ottawa. While USMCA-compliant goods were later exempted, additional tariffs remained on steel, aluminum and automotive imports. BRP jumped about 5%, while Magna International gained nearly 3%. Lower oil prices offered some relief to credit-sensitive stocks, with RBC and TD Bank rising around 2%. Gold prices climbed, lifting mining shares. Agnico Eagle soared 7%, Barrick climbed over 5.5% and Wheaton Precious Metals jumped 6%.
The S&P/TSX Composite Index rose around 1.5% to the 36,000 mark as the Democrats regained control of both chambers of Congress in the US, raising hopes of easing trade tensions between the two countries. A Democratic majority could constrain some of President Trump’s trade policy decisions. The dispute began in February 2025, when Trump announced broad tariffs on Canadian goods, prompting retaliatory measures from Ottawa. While USMCA-compliant goods were later exempted, additional tariffs remained on steel, aluminum and automotive imports.
BRP jumped about 5%, while Magna International gained nearly 3%. Lower oil prices offered some relief to credit-sensitive stocks, with RBC and TD Bank rising around 2%. Gold prices climbed, lifting mining shares. Agnico Eagle soared 7%, Barrick climbed over 5.5% and Wheaton Precious Metals jumped 6%.