The S&P/TSX Composite Index reversed between gains and losses as tariffs on Canadian steel and autos threatened to widen the trade war.
Canadian stocks flipped between gains and losses at Monday’s open after trade talks with the US collapsed and Prime Minister Mark Carney recalled negotiators from Washington.
The S&P/TSX Composite Index was little changed at 10:01 a.m. in Toronto after falling as much as 0.3%. Declines in industrial and consumer-discretionary stocks offset gains in materials as gold miners advanced.
President Donald Trump said the US would raise tariffs on Canadian steel and impose a 50% tariff on Canadian autos starting Jan. 1, doubling the current auto tariff. Steel was already subject to a 50% tariff.
Analysts were watching commodities producers including Algoma Steel Group, Linamar and West Fraser Timber. Canada Goose shares fell after Wells Fargo Securities downgraded the company and cut its price target, Bloomberg reported.
