Trump delays 50% tariff for three days, says deal near. S&P/TSX up 1%, Algoma Steel jumps 14%. Scotiabank's Holt: markets need details before bandwagon.
Canadian equities jumped Wednesday after U.S. President Donald Trump said he would delay new 50% tariffs for three days and added the two sides were close to a trade deal.
The S&P/TSX Composite rose as much as 1% by 10:00 a.m. in Toronto, with materials and real estate leading. Precious metals stocks including Agnico Eagle Mines Ltd. and Barrick Mining Corp. – both carrying AlphaScala Moderate scores of 71 and 70, respectively – were among the biggest gainers. The small-cap S&P/TSX Venture Composite climbed 2.2%, while Algoma Steel Group Inc. shares surged as much as 14%, the most since February.
Prime Minister Mark Carney was less definitive, saying “substantial progress had been made, although there is important work still to be done.”
Bay Street observers wanted more clarity. “Canadian markets will want details before hopping on the bandwagon,” Derek Holt, vice-president and head capital market economics at Scotiabank, wrote in a morning note. The rising odds of a new trade deal, he said, “has been part of a macro narrative for improved growth.”
Despite the uncertainty, Toronto stocks are on pace to outperform U.S. peers for a second straight year. The S&P/TSX Composite has advanced nearly 16% so far in 2026, outpacing the S&P 500’s 13% climb.
For more on the top gainers, see our AEM stock page and B stock page, or browse broader stock market analysis.
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