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TSX Hits Record High as Iran Deal Lifts Markets — Daily Update, June 16, 2026

Oil tumbles on Strait of Hormuz reopening framework. All eyes on the Federal Reserve as Kevin Warsh chairs his first policy meeting. Here is everything moving Canadian wallets today. Tuesday, June 16, 2026  |  MoneySavings.ca 🇨🇦 TSX — Another Record on the Books The S&P/TSX Composite closed at a fresh all-time high on Monday, June 15, topping 35,398 intraday before finishing near the upper end of its range. The index is now up more than 11% year-to-date , the second-best performance among major global indexes tracked through mid-June — behind only Japan's Nikkei (+31%). Monday's rally was broad-based, fuelled by a surge in risk appetite following the announcement of a U.S.–Iran peace framework over the weekend. Energy, financials, and materials all participated, though energy stocks gained somewhat less than the others as crude oil prices simultaneously fell sharply on the Strait of Hormuz reopening news — a rare case where the same headline pushed the index up and one ...

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Carney Warned Ford Against Anti-Tariff Ad That Sparked U.S. Trade Rift

 


Prime Minister Mark Carney revealed that he had cautioned Ontario Premier Doug Ford against launching the controversial anti-tariff advertising campaign that has since been blamed for derailing trade talks with the United States. Speaking at the close of his nine-day trip to Asia, Carney confirmed that he explicitly told Ford he did not believe the ads should run, warning of potential diplomatic fallout.

The ads, which featured archival clips of former U.S. President Ronald Reagan criticizing tariffs, aired widely in American markets and quickly drew the ire of President Donald Trump. The U.S. president responded by abruptly halting negotiations, citing the Ontario government’s campaign as a direct provocation.

Carney acknowledged that he later apologized to Trump during a dinner hosted by South Korea’s president at the Asia-Pacific Economic Cooperation forum. “I’m the one who is responsible, in my role as prime minister, for the relationship with the president of the U.S.,” Carney said, adding that Trump was “offended” by the ad and that it was his duty to smooth over tensions.

Ford, however, has stood firm in defending the campaign, calling it a necessary pushback against what he views as unfair trade measures targeting Ontario’s industries. He has vowed not to apologize, insisting the ads were effective in drawing attention to the province’s concerns.

The clash underscores a widening rift between the federal and provincial governments over how best to handle trade relations with Washington. While Carney has emphasized diplomacy and maintaining constructive ties, Ford has leaned into a more confrontational approach, framing the ads as a defense of Ontario jobs.

With trade talks now stalled, the fallout from the ad campaign continues to cast uncertainty over Canada-U.S. economic relations. Whether Carney’s diplomatic overtures will be enough to bring Trump back to the negotiating table remains unclear.


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