Exemptions for Canada and Mexico on American steel and aluminum tariffs helped push the markets in Toronto and New York higher today. Canada is the top exporter of both steel and aluminum to the United States.
The TSX saw gains almost across the board in its 10 main sectors, finishing the day up 66 points to 15,538 and the Dow Jones recovered from a mid-day drop, climbing its way to 24,895, up 93 points. Both markets benefitting, at least for now, from easing tensions over the possibility of a trade war.
Tomorrow we could see some interesting movement on the markets as not only will investors have digested the tariff exemptions, but both Canada and the U.S. will be releasing the February job numbers.
A new report from the Parliamentary Budget Officer today says the feds could see double the amount of expected tax revenue from new small business income-sprinkling rules. Those rules came into effect New Year’s Day. They’re aimed at making sure small businesses aren’t just using income sprinkling to pay less tax and are actually paying family members for contributing to the business.
At presstime oil is down 83 cents to $60.32 U.S. per barrel, gold down as well, $4.90 to $1322.70 an ounce while the loonie is up slightly, a tenth of a cent, to 77.53 cents U.S.