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5 Things to Know Today: Markets Near Records, Rates Hold, Oil Eases

  Here's what Canadian money watchers need to know as we head into the week: 1. TSX Hits Record Territory Amid Diplomatic Optimism The S&P/TSX Composite Index is hovering near 35,000 , approaching record levels as markets digest positive signals from U.S.-Iran negotiations. Senior officials say a deal to reopen the Strait of Hormuz could be signed at next week's G7 summit, easing geopolitical tensions and supporting oil-sensitive sectors. Financial stocks led gains—RBC, TD, and BMO all rose about 0.5–1%—while mining names like Agnico Eagle and WPM climbed despite softer gold prices. What it means for your wallet: A more stable geopolitical backdrop and lower oil prices could ease inflation concerns, improving conditions for your savings and investments. 2. Bank of Canada Holds Rates at 2.25% for Fifth Time On June 10, the BoC kept its benchmark overnight rate steady at 2.25% —marking five consecutive holds since October 2025. Governor Tiff Macklem cited a "two-directi...
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Trump Considers 25% Tariffs on Canadian and Mexican Goods Starting February 1

In a significant move, U.S. President Donald Trump has suggested the possibility of imposing a 25% tariff on goods imported from Canada and Mexico as early as February 1. This announcement comes shortly after his inauguration as the 47th President of the United States.

During his first day in office, Trump signed a series of executive orders and hinted at the potential tariffs while addressing concerns about the borders with Canada and Mexico. Although he did not impose the tariffs immediately, he directed federal agencies to investigate and address trade deficits and unfair trade practices by other nations, including Canada and Mexico.

The proposed 25% tariff could have severe economic repercussions for Canada, potentially leading to a recession and requiring government intervention to stabilize the economy. In response, Canada has prepared a plan to impose retaliatory tariffs on $37 billion worth of American goods if Trump proceeds with the trade action.

Finance Minister Dominic LeBlanc expressed cautious optimism, noting that the threat of tariffs might be suspended for now, but emphasized the importance of being prepared for any scenario. The situation remains fluid, and both countries are closely monitoring developments as they unfold.


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