Canadian Prime Minister Mark Carney announced last week $1.3B in new supports for the steel and lumber industries hit hard by U.S. tariffs. U.S. President Donald Trump has imposed 50% tariffs on steel, and softwood lumber, long subject to U.S. tariffs, is currently taxed at 45% after the Trump administration's hike last month. Carney said the decades-long process of an ever-closer economic relationship between Canada and the United States is now over. "As a consequence, many of our strengths have become vulnerabilities. Last year, more than 75% of our exports went to the United States. Ninety percent of our lumber exports, 90% of our aluminum exports, and 90% of our steel exports, all bound for a single market," Carney said.

Oil prices edged lower Friday, giving up some of the ground made in a recent rally spurred by supply concerns in Venezuela and Iran. The economic crisis in Venezuela is curtailing the country’s oil production, while the planned reinstatement of U.S. sanctions against Iran is expected to hit production from the third-largest member of the Organization of the Petroleum Exporting Countries. Click Read More below for additional information.