The Globe and Mail reports in its Friday edition that U.S. and Canadian stocks rallied on Thursday as investors cheered a new trade agreement hammered out between the United States and Britain, while President Donald Trump signalled upcoming talks with China would be more substantial than initially thought. A Reuters dispatch to The Globe says Britain agreed to lower its tariffs to 1.8 per cent from 5.1 per cent and provide greater access to U.S. goods as part of the deal, while a 10-per-cent baseline tariff on goods imported from the U.K. into the U.S. remains in place. Airline stocks shot higher after the U.S.-U.K. agreement exempted plane parts made by Rolls-Royce from tariffs. U.S. Commerce Secretary Howard Lutnick said Britain would buy $10-billion (U.S.) of Boeing aircraft, sending the planemaker's shares 3.3 per cent higher as the best performer on the Dow. Mr. Trump also said he expects substantive negotiations between the U.S. and Beijing on the trade front this weekend. The S&P/TSX Composite Index ended up 92.88 points at 25,254.06. The Toronto energy sector rose 2.8 per cent as the price of oil settled 3.2 per cent higher at $59.91 (U.S.) a barrel. The materials group dropped 1.3 per cent as gold fell.
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