Canada Stocks: TSX flat as investors weigh US tariffs, await Iran sanctions details

Seabridge Gold

24/08/2026 15:30

Gold miners lead gains
Energy shares among worst hit
Trump says he will hike tariffs on Canadian cars, trucks to 50% amid trade spat
By Sudeshna Ghoshal
August 24 (Reuters) - Canada's commodity-heavy stock index was little changed on Monday, as investors weighed new U.S. tariffs on Canadian goods and awaited details on Washington's threatened sanctions against Iran.
The S&P/TSX Composite Index .GSPTSE was flat at 36,615.45 points by 10:00 a.m. ET.
The U.S. imposed 50% tariffs on some Canadian goods on Saturday, after the two neighbors failed to reach a trade deal.
President Donald Trump also said on Monday that U.S. tariffs on all cars and trucks, automotive parts and steel will be increased to 50% starting January 1, 2027.
Materials sector .GSPTTMT, which includes metal mining shares, rose 1.1%, leading gains on the main index as gold hit a three-month high against a subdued dollar, while investors awaited U.S. inflation data and remarks from Federal Reserve Chairman Kevin Warsh this week for clues on the interest-rate outlook.GOL/
I-80 Gold Corp IAU.TO, Seabridge Gold SEA.TO and NovaGold Resources NG.TO were up more than 4% each, leading sectoral gains.
"Gold's having a good move ... I think you're seeing more of a move back towards the commodities," said Greg Taylor, chief investment officer at PenderFund Capital Management.
The heavyweight energy sector .SPTTEN was the biggest drag on the index, falling 0.9% as oil prices slipped, with investors taking profits ahead of expected new U.S. sanctions on Iran.O/R
U.S. Treasury Secretary Scott Bessent, who is set to hold a press conference at 2 p.m. EDT (1800 GMT), has threatened to roll out "the greatest financial offensive ever" against Iran. Trump has also threatened sanctions on Iran's trading partners.
Five of the TSX's 10 major sectors traded higher.


 (Reporting by Sudeshna Ghoshal in Bengaluru; Editing by Sahal Muhammed)
 ((Sudeshna.Ghoshal@thomsonreuters.com;))