Stocks edge up to fresh record on trade optimism
Global stocks were higher on Monday on hopes U.S. trade negotiations with key partners would continue to progress, while the dollar slipped and was on track for its worst first half performance in over 50 years, News.Az reports citing Reuters.
Canada halted its digital services tax targeting U.S. technology firms just hours before it was due to take effect, in a effort to advance stalled trade negotiations with Washington.
Canadian Prime Minister Mark Carney and U.S. President Donald Trump will resume trade negotiations in an attempt to agree on a deal by July 21, in an extension from Trump’s original July 9 deadline for "reciprocal" tariffs.
The July 9 deadline still holds for other countries, although officials have suggested most deals could now be done by the September 1 Labor Day holiday.
On Monday, U.S. Treasury Secretary Scott Bessent said countries "should be aware" that the U.S. could move back to the tariff levels on April 2, when Trump announced a wide array of steep duties against countries around the globe, and that the decision for any extension to negotiations would be up to Trump.
"We’ve got this deadline coming, but then Trump has said that the deadline can be moved. And then you’ve got markets thinking that the Fed could potentially cut interest rates sooner than later. So there are a lot of drivers here," said Dennis Dick, a trader at Triple D Trading in Ontario, Canada.
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