Overview

• President Trump confirmed there will be no further extensions beyond August 1 for reciprocal tariffs on goods from Japan, South Korea, Canada, China, India and other trading partners.
• He announced plans for a 50% duty on copper imports and warned that pharmaceutical imports could incur tariffs up to 200%, with new levies also threatened on semiconductors.
• U.S. markets traded mixed to slightly higher on Wednesday, with the Nasdaq Composite gaining over half a percent as tech stocks advanced, while the S&P 500 and Dow Jones Industrial Average remained near breakeven.
• Canada’s P/TSTSX composite fell more than 100 points on Tuesday before futures rose 0.1% Wednesday as investors assessed the impact on materials exporters.
• Investors are awaiting detailed guidance on the timing and scope of the proposed levies and the outcome of ongoing trade negotiations before the final deadline.