The Globe and Mail reports in its Wednesday edition that Canadian stocks inched lower on Tuesday, weighed by declines for energy, railway and auto-part makers, after U.S. president-elect Donald Trump vowed to impose sweeping tariffs on trading partners, including Canada. A Reuters dispatch to The Globe says that U.S. stocks rose as investors digested both the tariff pledges and the latest minutes from the Federal Reserve, with both the S&P 500 and Nasdaq at record highs. The S&P/TSX Composite Index ended down 5.21 points at 25,405.14. Mr. Trump on Monday pledged big tariffs on the United States' three largest trading partners -- Canada, Mexico and China -- in a move that helped push the Canadian dollar to a 4-1/2-year low against the greenback. Officials from Mexico, Canada and China warned that Mr. Trump's tariff threat would harm the economies of all involved. Mr. Trump's plan does not exempt crude oil from trade penalties, initial reports suggested. The Toronto market's energy sector was down 1 per cent and underperformed U.S. energy stocks. U.S. crude futures settled 0.25 per cent lower at $68.77 (U.S.) a barrel after Israel agreed to a ceasefire deal with Lebanon. Automotive suppliers also lost ground.
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