(Reuters) – Futures for Canada’s main stock index fell on Wednesday after two straight days of gains for the index, as investors turned cautious ahead of U.S. President Donald Trump’s planned unveiling of new trade tariffs later in the day.
The futures on the S&P/TSX index were down 0.5% at 6:55 a.m. ET (1055 GMT).
Trump is set to announce sweeping reciprocal tariffs on global trading partners at 1600 ET in what the White House has dubbed “Liberation Day,” threatening to disrupt decades of established trade practices.
The tariffs, which will take effect immediately upon announcement, are expected to trigger price increases and prompt retaliatory measures from affected countries.
Canadian Prime Minister Mark Carney and Mexican President Claudia Sheinbaum spoke on Tuesday about Canada’s plan to “fight unjustified trade actions” by the U.S., Carney’s office said.
U.S. companies say a “Buy Canadian” movement is already making it harder for their products to reach that country’s shelves.
A separate 25% global tariff on auto imports will take effect on April 3.
In commodities, oil prices steadied on fears that a global trade war could dampen demand for crude.
Gold prices held firm after jumping to an all-time high in the previous session.
Copper prices rose and tin prices extended a rally to its highest in nearly three years on supply fears.
Canada’s main stock index rose on Tuesday, boosted by gains in energy and technology shares, but the move was limited ahead of the new trade tariffs.
In corporate news, investment firm Brookfield has resumed takeover talks with Spanish pharmaceuticals company Grifols, news website El Confidencial reported on Wednesday.
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(Reporting by Sanchayaita Roy in Bengaluru; Editing by Sahal Muhammed)
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