TSX Set for Weak Open as Trump Tariff Letters, Oil Slump Weigh on Sentiment

Canadian equities are poised to open lower Friday, tracking weaker European stocks and falling crude prices as U.S. President Donald Trump's pledge to issue formal tariff letters to major economies as early as Friday dampens risk appetite. Trading volumes are expected to be thin with U.S. markets closed for Independence Day. Trump said the U.S. will bypass lengthy negotiations with over 170 countries and instead unilaterally impose flat tariff rates of 20% to 30%. The move follows House passage of his tax-cut and spending bill in a 218-214 vote, which he expects to sign Friday at a 4 p.m. White House ceremony. The S&P/TSX Composite Index closed at a record 27,034.26 on Thursday, up 164.60 points or 0.61%, after hitting an intraday high of 27,039.30. Canadian manufacturing and services data due at 9:30 AM ET may offer direction. West Texas Intermediate crude fell $0.43, or 0.64%, to $66.57 a barrel, while gold rose $3.50 to $3,346.40 an ounce.