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TSX Futures are rising; US tariff proposals on the forefront

The futures linked to Canada's benchmark stock index rose on Tuesday as investors weighed up President Donald Trump’s new tariff proposals against several trading partners, and the new deadline set for trade agreements.

Futures on S&P/TSX rose by 0.2% at 06:34 a.m. ET (1034 GMT).

Trump sent letters on Monday to 14 countries, including Japan, South Korea and China, warning of sharply increased tariffs on U.S. imported goods, but also delaying their implementation until August 1.

He said that the deadline is not 100% set in stone and he will consider extensions if other countries make proposals.

After Trump's April launch of a global economic war, which roiled financial markets and forced policymakers to protect economies, countries have been under pressure from the U.S. to sign deals.

Canada, which recently cancelled a digital tax on U.S. tech companies in order to preserve the trade talks with Trump aims to reach a deal by July 21.

Prices of gold and oil fell on Tuesday.

A government official revealed on Monday that Canada's Finance Minister has instructed all ministries to make savings, reduce duplication of work, and reallocate money from other programs towards priority projects.

Aura Minerals announced that it was preparing to list shares on Nasdaq. This could give the Canadian gold and cobalt miner an estimated value of $2,14 billion.

Toronto's S&P/TSX Composite index, which is heavily influenced by commodities, closed lower Monday. It followed the U.S. market, causing trade jitters for Canadian investors.

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Canadian Markets Directory (Reporting and Editing by Shreya Biwas; Twesha Gupta, Sukriti.

(source: Reuters)