Canada Prepares to Counter New U.S. Tariffs Amid Economic Headwinds
Canada's Prime Minister Mark Carney has signaled that the country is prepared to respond to new U.S. tariffs if necessary, following a proposed 50% duty on certain Canadian-made goods by President Donald Trump.
The Canadian dollar slipped 0.18% against the US dollar, trading at 0.709USD, as investors reacted to the news.
Statistics Canada reported that the country's new home price index fell 0.1% in June, marking its fourth consecutive monthly decline after a 0.3% drop in May.
In other economic news, Canadian National Railway Co (CNR.CA) posted a 6.8% year-over-year increase in second-quarter net income to C$1.25 billion, or C$2.06 per diluted share, up from C$1.17 billion, or C$1.87 per share, in the year-earlier period.
Meanwhile, NovaGold Resources Inc (NG.CA) announced that it will redomicile to the US following a consolidation transaction that its president and CEO says will make the firm one of the world's largest gold producers.