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The S&P/TSX composite index closed up 50.51 points at 26,426.31.

In New York, the Dow Jones industrial average was up 105.11 points at 42,866.87. The S&P 500 index was up 32.93 points at 6,038.81, while the Nasdaq composite was up 123.75 points at 19,714.99.

Sadiq Adatia, chief investment officer for BMO Global Asset Management, said the market was riding positive momentum from the negotiations.

“Two or three months ago, we were at a point where the U.S. and China trade discussions were getting pretty ugly,� said Adatia.

“But it looks like since they've been sitting together ... nobody’s seemed to walk away and that probably means there's some progress happening.�

The talks come after negotiations last month that brought a temporary respite in the trade war. The two countries announced May 12 they had agreed to a 90-day suspension of most of the 100 per cent-plus tariffs they had imposed on each other.

“The markets, first of all, want clarity,� said Adatia.

“And then obviously, people want to see lower tariff rates across the board so that they can compete better, they don’t have to worry too much about putting more pressure on the consumer.�

Meanwhile, the World Bank forecast Tuesday that Trump’s trade wars are expected to slash economic growth this year around the world. It now expects the world economy to expand just 2.3 per cent in 2025, down from 2.8 per cent in 2024.

Citing “a substantial rise in trade barriers,� it also predicted that the U.S. economy would grow half as fast this year as it did in 2024.

But there’s optimism on the trade front for Canada, said Adatia, as private talks reportedly continue between Trump and Prime Minister Mark Carney.

“If Trump continues to act a little bit calmer with the trade negotiations, that's good for Canada .. I think so far nothing has been elevated like we had seen prior to the ºÚÁϳԹÏÍø election,â€� he said.

“(We) would like to see the aluminum and steel tariffs come down lower. That would be a big plus for us, but again, so far nothing has been escalated, which I think is positive from a ºÚÁϳԹÏÍø perspective.â€�

The ºÚÁϳԹÏÍø dollar traded for 73.08 cents US, unchanged from Monday.

The July crude oil contract was down 31 cents US at US$64.98 per barrel and the July natural gas contract was down 10 cents US at US$3.53 per mmBTU.

The August gold contract was down US$11.50 at US$3,343.40 an ounce and the July copper contract was down three cents US at US$4.90 a pound.

—With files from The Associated Press

This report by ºÚÁϳԹÏÍø was first published June 10, 2025.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)