The S&P/TSX Composite Index inched up 0.3% to close at 36,714 on Monday, defying pressure from the breakdown in trade talks between the United States and Canada. Canadian Prime Minister Carney vowed to mirror US tariffs after Washington on Saturday imposed 50% duties on a range of Canadian imports, including furniture, plastics, plywood, and electrical equipment. These measures come on top of existing tariffs on steel, lumber, and automobiles.
The tariff escalation weighed on manufacturers, with Magna International falling 6.6%, BRP sliding 6%, and Linamar dropping 8.6%. Nevertheless, the broader market advanced, supported by strength in precious metals. Rising gold prices lifted mining stocks, with Agnico Eagle up 1.1%, Barrick gaining 1.6%, and WPM adding 2.2%.