The S&P/TSX Composite Index fell 0.2% to below the 26,692 on Friday, trimming some of the weekly gains to 0.7% amid fresh tariff threats, commodity headwinds and domestic stagnation. President Trump’s decision to terminate all trade negotiations with Canada over its digital services tax—and his threat of looming retaliatory tariffs—has rattled exporters and injected fresh uncertainty into Canada’s trade-dependent sectors.
At the same time, Statistics Canada’s data reveal back-to-back 0.1% GDP contractions in April and a likely repeat in May, underscoring how US levies and tariff uncertainty are weighing on manufacturing and wholesale trade. Major mining equities led the decline with Agnico Eagle, Wheaton Precious, and Barrick Gold tumbling between 2.8% and 5.3% amid a sharp decline in gold—now at a four-week low, as safe-haven demand wanes amid easing geopolitical tensions and clarity on the US–China trade accord.
