Jul 11, 2025 (Baystreet.ca via COMTEX) --
Toronto's main stock index opened lower on Friday as U.S. President Donald Trump ramped up his tariff assault on Canada, while investors assessed better-than-expected June employment data.
The TSX Composite Index lost 98.51 points to open the week's last session at 26,983.79
The Canadian dollar erased 0.03 cents at 72.97 cents U.S.
Trump late on Thursday issued a letter implementing a 35% tariff rate on all imports from Canada, set to go into effect from August 1, adding that the rate would go up if Canada retaliated.
He also said the European Union could receive a letter on tariff rates by Friday and floated a blanket 15% or 20% tariff rate on other countries, a step up from the current 10% baseline rate.
The 35% tariff is an increase from the current 25% rate that Trump had assigned to Canada and is a blow to Prime Minister Mark Carney, who was seeking to come to a trade agreement with Washington.
Carney said his government will defend Canadian workers and businesses in their negotiations with the U.S.
An exclusion for goods covered by the U.S.-Mexico-Canada Agreement was expected to stay in place, while 10% tariffs on energy and fertilizer were not set to change, though Trump had not made a final decision.
On the macroeconomic scene, Statistics Canada says the economy created 83,000 jobs in June, lowering the unemployment rate 0.1 percentage points to 6.9%.
Moreover, the agency says building permits rose in May by $1.4 billion (+12.0%) to reach $13.1 billion.
ON BAYSTREET
The TSX Venture Exchange gained 7.03 points to 780.47
Eight of the 12 TSX subgroups were lower, with industrials faltering 0.8%, while real-estate and financials each docked 0.7%.
The four gainers were led by gold, shining 0.9% brighter, while materials and telecoms each prospered 0.3%.
ON WALLSTREET
Stocks dropped Friday, a day after the S&P 500 posted a new record high, after President Donald Trump announced a 35% tariff on Canada and threatened higher tariffs across the board.
The Dow Jones Industrials sank 240.82 points to begin Friday at 44,409.82.
The S&P 500 lost 19.86 points to 6,260.66,
The NASDAQ Composite dipped 11.97 points to 20,618.70.
Friday's losses pushed the major averages into the red for the week. Next week, investors will need to navigate the start of second-quarter earnings reporting season, along with the release of some key inflation data.
Trump cited fentanyl as a reason for higher Canada duties, adding that they would go higher if the country retaliates. "If Canada works with me to stop the flow of Fentanyl, we will, perhaps, consider an adjustment to this letter," Trump said in a letter posted on Truth Social.
Trump then told NBC News he was planning blanket tariffs of 15% to 20% on remaining countries, higher than the current 10% standard that investors had grown comfortable with.
JPMorgan led banks lower Friday, down about 1%. Citigroup lost about 1% as well, and Wells Fargo dipped 0.6%.
Prices for the 10-year treasury fell, raising yields to 4.41% from Thursday's 4.35%. Treasury prices and yields move in opposite directions.
Oil prices improved $1.10 to $67.67 U.S. a barrel.
Gold prices jumped $40.10 at $3,365.80 U.S. an ounce.
COMTEX_467227927/2559/2025-07-11T10:57:58
