CLOSING BELL: Canada looking at helping out auto firms in response to threat of U.S. tariffs
Canada could be prepared to lend auto firms some financial help in the face of tariff threats from the United States.
A senior federal official tells the Globe and Mail that Canada is looking at a number of options to help ease the impact on auto firms.
They may not be needed though as officials say they doubt America will follow through on the threat.
American President Donald Trump said back in May that he might impose tariffs up to 25 per cent on foreign-built automobiles.
However, one Canadian government source says he thinks the threat doesn’t hold much weight as an automobile crosses the countries’ shared border six or seven times before it is completed.
The TSX finished the day up 69 points to close at 16, 383.
Oil was up 73 cents to finish at $65.79 a barrel.
The Canadian dollar finished at $75.74 cents U.S.
Gold was up to $1,281 an ounce.