Futures linked to the S&P/TSX Composite Index edged higher on Tuesday, buoyed by hopes for a diplomatic resolution to tensions in the Middle East. Iran is reportedly weighing a proposal from mediators for a 10-day ceasefire intended to lay the groundwork for a lasting agreement to end the conflict. Gold prices advanced on the news, lending support to mining stocks.
In trade developments, US President Trump announced a sweeping 50% tariff on a broad range of Canadian imports. Key Canadian exports, including energy, potash, and critical minerals, are exempt. Autos and steel are also excluded, as they are already covered by separate, sector-specific tariffs.
Separately, Britain’s new government is expected to invite Canada to join the delayed GCAP fighter-jet program, as European allies move to reduce their dependence on US defence equipment and technology.
