The S&P/TSX Composite Index remained below the flatline at the 25,170 mark on Tuesday, weighed down by losses in energy stocks as investors absorbed U.S. President Trump’s tariff policy and domestic inflation data. Although Trump refrained from immediate tariffs on Canada and Mexico, his suggestion of 25% duties by February 1st raised concerns about trade relations, especially given Canada’s reliance on U.S. exports. Domestically, softer inflation figures showed a 1.8% year-over-year CPI increase in December, below November’s 1.9%, fueling expectations for further Bank of Canada rate cuts to support growth. Energy producers led the declines, with Canadian Natural dropping over 4%, as Trump’s plans to boost U.S. oil production and tariffs dampened demand expectations for Canadian crude. However, Shopify, Brookfield, and Constellation Software each gained more than 1%, helping to partially offset the broader decline, while rising bullion prices supported major mining stocks.