加拿大取消部分关税后，加美官员将举行会晤。上周晚些时候，加拿大采取了一项重大举措，通过取消对美国进口商品的许多报复性关税来缓解贸易紧张局势，这些关税属于USMCA自由贸易协定。

Canadian US officials are to meet after Canada removes some tariffs.Late last week, Canada took a significant step to ease trade tensions by lifting many of its retaliatory tariffs on U.S. imports that fall under the USMCA free-trade agreement.

周一，标准普尔/多伦多证交所综合指数下跌0.6%，收于28170点，因获利回吐遭遇了大量短期风险，放弃了上周的纪录。鲍威尔的杰克逊霍尔言论早些时候提高了降息的可能性，并吸引了资金进入股市，但市场现在面临三个具体威胁，可能会迅速解除这一举措。英伟达（Nvidia）领衔的繁忙的美国财报可能会重置科技叙事，周五的美国核心个人消费支出（PCE）是美联储首选的通胀指标，可以重新定价降息预期，以及国内头条新闻，这些头条新闻给加拿大的增长前景蒙上了阴影。在当地方面，加拿大航空公司股价下跌0.7%，原因是薪酬纠纷有可能再次扰乱机组人员，迫使投资者下调远期现金流，而即将公布的第二季度GDP数据和持续的关税不确定性给权重金融、科技和工业企业带来了压力，使其股价大幅下跌。

The S&P/TSX Composite Index fell 0.6% to close at 28,170 on Monday, surrendering last week’s record as profit taking met a crowded calendar of near term risks. Powell’s Jackson Hole remarks had earlier lifted rate cut odds and drawn money into equities, but markets now face three concrete threats that could quickly unwind that move. A busy US earnings slate led by Nvidia which could reset the tech narrative, Friday’s US core PCE print that is the Fed’s preferred inflation gauge and can reprice rate cut expectations, and domestic headlines that cloud Canada’s growth outlook. On the local front Air Canada slid 0.7% amid a pay dispute that risks renewed crew disruption and forces investors to mark down forward cash flows, while upcoming Q2 GDP figures and persistent tariff uncertainty pressured heavyweight financial, technology, and industrial names trading firmly in the red.

加拿大周五表示，将取消自3月以来针对约一半美国商品的25%关税，以重置与华盛顿的贸易关系。英国首相马克·卡尼宣布，从9月1日起，橙汁、花生酱、葡萄酒、啤酒、电器和摩托车的关税将被取消，而美国钢铁、铝和汽车的关税将保持不变。这一决定是卡尼自8月1日最后期限前贸易谈判破裂以来首次与特朗普总统通话后做出的。卡尼在新闻发布会上表示，取消关税意味着“美国和加拿大现在将平等对待其大部分贸易”，并指出根据《美国-墨西哥-加拿大协定》，加拿大进口商品免征美国关税。一位白宫官员对此举表示欢迎，称其“早就应该”，而卡尼表示，渥太华现在将专注于支持仍面临高额关税的行业，并为明年的USMCA正式审查做准备。

Canada said Friday it will lift its 25% tariff on about half of the U.S. goods targeted since March, in a bid to reset trade ties with Washington. Prime Minister Mark Carney announced that duties on orange juice, peanut butter, wine, beer, appliances, and motorcycles will be removed starting September 1, while tariffs on U.S. steel, aluminum, and automobiles will remain. The decision followed Carney’s first call with President Trump since trade talks collapsed before an August 1 deadline. At a press conference, Carney said removing the tariffs means “the U.S. and Canada will now treat the bulk of their trade equally,” noting Canadian imports are exempt from U.S. duties under the U.S.–Mexico–Canada Agreement (USMCA). A White House official welcomed the move as “long overdue,” while Carney said Ottawa will now focus on supporting industries still facing hefty tariffs and prepare for USMCA’s formal review next year.

周五，标准普尔/多伦多证交所综合指数上涨1%，收于28333点的历史新高，此前美联储主席杰罗姆·鲍威尔表示，美联储最早可能在9月开始降息。鲍威尔强调，自上次会议以来，劳动力市场的风险一直处于优先地位，可能需要下个月降息25个基点，这刺激了全球对债券和风险资产的需求。科技股领涨，Shopify上涨3.4%，Constellation Software上涨2.5%，Celestica上涨3.6%。能源股也表现优异，Cenovus在同意以79亿加元收购MEG Energy后飙升7.1%，该交易重新评估了油砂协同效应，并突显了整个行业并购的新势头。矿业权重股进一步支撑，随着大宗商品价格走强，交易价格普遍走高。本周，多伦多证交所上涨1.5%。

The S&P/TSX Composite Index rose 1% to close at a record high of 28,333 on Friday, after Federal Reserve Chair Jerome Powell signaled the central bank could begin cutting interest rates as early as September. Powell emphasized that risks to the labor market have taken precedence since the last meeting, likely warranting a 25bps cut next month, which fueled demand for bonds and risk assets globally. Technology stocks led the advance, with Shopify climbing 3.4%, Constellation Software up 2.5%, and Celestica gaining 3.6%. Energy shares also outperformed, driven by a 7.1% surge in Cenovus after it agreed to acquire MEG Energy in a C$7.9 billion deal that re-rates oil sands synergies and underscores renewed M&A momentum across the sector. Mining heavyweights added further support, trading broadly higher alongside stronger commodity prices. For the week, the Toronto exchange gained 1.5%.