Canadian stocks retreated from record highs on Thursday as US inflation data eased expectations of a substantial Fed rate cut in September. The S&P/TSX Composite Index closed down 0.28% at 27,915.99, affected by profit-taking and job market data.

Canada is facing 35% US tariffs on exports, impacting industries like steel and manufacturing. China imposed a 76% tariff on Canadian canola imports in retaliation for Canadian tariffs on Chinese vehicles, causing crop prices to fall.

Air Canada plans to cancel 500 flights ahead of a flight attendants’ strike, affecting one million passengers. US PPI data showed the largest monthly gains in three years, signaling rising business costs.

The US is preparing for a meeting between President Trump and President Putin in Alaska, focusing on ending Russia’s war with Ukraine. European leaders support Trump’s efforts, potentially influencing global trade dynamics.

Read more at Nasdaq.: Canadian Stocks Dip Amid Profit-Taking, Mixed US Economic Data