The Globe and Mail reports in its Wednesday edition that Canada's main stock index fell on Tuesday as a drop in gold prices weighed on metal mining shares and after U.S. President Donald Trump said he would impose a hefty tariff on copper imports. A Reuters dispatch to The Globe says the S&P/TSX Composite Index ended down 116.71 points at 26,903.57. Mr. Trump said he will announce a 50-per-cent tariff on copper, aiming to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods. Canada is among the top suppliers of copper to the United States. U.S. copper futures jumped more than 10 per cent, but gold was down 1 per cent. The materials group, which includes metal mining shares, fell 3.5 per cent. Technology was also a drag, losing 0.9 per cent, with shares of Shopify down 3.4 per cent. Energy added 2.1 per cent as the price of oil settled 0.6 per cent higher at $68.33 (U.S.) a barrel on forecasts for less U.S. oil production and after renewed Houthi attacks on shipping in the Red Sea. The telcos had a good day, with BCE rising 2.7 per cent and Rogers ending 1.4 per cent higher. On Wall Street, investors waited for clarity on U.S. trade policy.
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