Published July 5, 2026 Your morning rundown on the Canadian economy, markets, and money moves — TSX hits a record close, CUSMA talks roll past the deadline, the first CGEB payment lands, and what to expect ahead of the Bank of Canada's July 15 decision. 1. TSX closes at a record high on gold-miner strength The S&P/TSX Composite climbed 0.9% to close at a record 35,275 on Friday, July 3, powered by gold mining stocks. Gold prices firmed after U.S. nonfarm payrolls for June came in at roughly half the expected pace, fuelling bets that the Federal Reserve could turn more dovish. Agnico Eagle, Wheaton Precious Metals, and Barrick all posted solid gains, while financials like Scotiabank and BMO also moved higher on easing oil-supply concerns. Why it matters: if you hold Canadian equity index funds in your TFSA or RRSP, resource and financial-sector strength has been doing a lot of the heavy lifting this year — worth knowing if your portfolio feels more concentrated than you'd...
Trump Reaffirms Tariff Threats Against Canada at Davos
In a virtual address at the World Economic Forum in Davos, Switzerland, U.S. President Donald Trump reiterated his stance on imposing tariffs against Canada. Trump emphasized that the United States does not need Canadian imports of oil, gas, vehicles, or lumber, and criticized Canada's trade policies as unfair.
Trump's comments come just days after his inauguration for a second term, marking his first international speech since returning to the White House. He characterized the trade relationship between the two nations as adversarial and blamed Canada's import policies for the U.S.'s trade deficit.
During his speech, Trump highlighted his administration's protectionist plans, including tariffs, deregulation, and tax cuts, aimed at reducing inflation and boosting the U.S. economy. He also mentioned that the U.S. would demand respect from other nations and would not tolerate trade deficits.
Canadian political leaders have expressed concern over Trump's remarks, with some advocating for diplomacy and others preparing for potential retaliation. Alberta Premier Danielle Smith, who recently met with Trump, emphasized the importance of cross-border trade within the oil and gas sectors.
Trump's speech has triggered widespread criticism and debate among political leaders and economists, who warn that tariffs on Canadian energy exports could drive up gasoline prices for Americans and threaten Trump's plans for "energy dominance".
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