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...
China's Tariffs Hit Canadian Goods: A $3.7 Billion Blow
China has implemented retaliatory tariffs on Canadian goods worth $3.7 billion, escalating trade tensions between the two nations. The new levies, effective March 20, target key Canadian exports, including rapeseed oil, peas, aquatic products, and pork. These tariffs impose a 100% surcharge on rapeseed oil and peas, while aquatic products and pork face a 25% duty.
The move follows Canada's imposition of tariffs on Chinese electric vehicles, steel, and aluminum products in October 2024. Beijing has criticized these measures as discriminatory and a violation of World Trade Organization rules.
Canadian industry leaders have expressed concern over the economic impact, particularly on the agricultural sector. Chris Davison, President of the Canola Council of Canada, described the tariffs as "devastating" for farmers and the broader value chain. The federal government has announced measures to support affected industries, including $1 billion in financing for the agriculture and food sectors.
This development underscores the growing strain in Canada-China trade relations, with both sides urging diplomatic engagement to resolve the dispute.
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