19.08.202613:46:25UTC+00TSX Rises as US Pauses New Tariffs

The S&P/TSX Composite Index climbed nearly 1%, trading above 36,500, after US President Donald Trump announced a temporary halt to new tariffs on Canadian goods. Late Tuesday, Trump said he would impose a three-day pause on the planned 50% tariffs that were scheduled to take effect on Wednesday, citing a deal reached between the two countries.

The prospect of an agreement bolstered sentiment toward Canadian exporters, with Magna International advancing about 1% and Nutrien gaining nearly 2%. Oil prices rose to a three-week high amid ongoing uncertainty around shipping through the Strait of Hormuz and continued supply disruptions, providing support to energy producers. Suncor and Tourmaline Oil each added roughly 1%.

Gold prices were lifted by a weaker US dollar as global bond yields steadied, which in turn boosted mining shares. Agnico Eagle surged 7%, while Barrick and WPM each gained around 6%.

In contrast, financial stocks remained under pressure, constrained by energy-driven inflation concerns linked to the conflict in the Middle East and caution ahead of the release of minutes from the US Federal Reserve’s July meeting.