Effects of tariffs on Canada

The Canadian dollar was down 0.27% at C$1.3693, following a knee-jerk fall of more than

0.5% after Trump unveiled a tariff rate of 35% on imports from the neighbour, starting August 1.

"Canada finds itself in the firing line and it's obviously not the end of the week we wanted to see, so you'd expect to see risk assets fall because there is a risk of escalation from several parties," said IG market analyst Tony Sycamore.

"The tariff headlines so far have been largely ignored, but Canada's... It's something which I don't think the market was braced for."

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