Futures tracking Canada’s main stock index rose on Thursday, positioning the TSX to extend its gains after a rally on Wednesday that followed the US midterm election results. The Democrats’ victory gives them a stronger platform to challenge US President Trump’s trade policies, though they still do not have enough votes to override a presidential veto on any attempt to roll back tariffs or curb his trade authority.
The US-Canada trade dispute began in 2025, when Trump signed orders imposing broad tariffs on Canadian goods. The measures took effect in March, alongside Canada’s retaliatory duties. Trump later exempted goods compliant with the USMCA, but introduced additional tariffs on steel, aluminum, and automotive imports.
On the corporate front, Canadian Natural Resources reported third-quarter earnings that exceeded profit forecasts, buoyed by higher crude prices and stronger production. Nutrien, by contrast, fell short of expectations, pressured by sharply higher sulfur costs in its phosphate business and lower nitrogen sales volumes.
