Why did Canadian stocks rise despite Trump's threat of 50% tariffs on Canadian exports?

Canadian stocks rose because gains in commodities—especially gold and oil—and a rally in tech hardware stocks, such as Celestica Inc., overshadowed the tariff threat; according to Greg Taylor, chief investment officer at PenderFund Capital Management, the companies most vulnerable to tariffs are smaller and lack sufficient weight to move the S&P/TSX Composite Index, while precious metals and electronic component firms drove strong sector performance.

Which sectors and companies led the S&P/TSX Composite Index’s 1.2% gain on Tuesday?

The largest sectors in the index—financials, energy, and materials—all climbed, and precious metals companies including Discovery Mining Ltd., Hudbay Minerals Inc., and Trekor Metals Ltd. drove the rally; Celestica Inc., an electronic component-maker, was the top performer with an 11% intraday surge, reflecting broader strength in tech hardware shares.

Canadian Stocks Climb as Gold Surge Offsets Trump Tariff Threat

Jul 21, 2026

Canada's benchmark index rose 1.2% as surging gold and oil prices overshadowed tariff threats, lifting energy and materials sectors including key mining companies.

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