Investing.com - Futures linked to Canada’s main stock exchange inched higher on Wednesday, as investors assessed developments around U.S. President Donald Trump’s trade agenda and awaited the release of minutes from the Federal Reserve’s latest policy meeting.

By 06:40 ET (10:40 ET), the S&P/TSX 60 index standard futures contract had risen by 3 points, or 0.2%.

The S&P/TSX composite index fell by 116.71 points, or 0.4%, to end at 26,903.57 on Tuesday, extending its retreat from a recent all-time peak.

Trump said he would implement steep new 50% tariffs on imported copper, a move that could particularly threaten major exporters like Canada. The red metal is critical in a range of industries, from electric vehicles to military hardware and power grid infrastructure.

U.S. copper futures spiked following the comments, temporarily touching a record high. However, analysts cited by Reuters noted that a dip in gold prices was offsetting any benefit from the uptick, sending Canadian mining stocks lower.

U.S. stock futures slightly higher

U.S. stock index futures edged up in muted trading, with Trump’s threats of more trade tariffs keeping investors largely on edge.

At 06:49 ET, Dow Jones Futures gained 74 points, or 0.2%, S&P 500 Futures rose 9 points, or 0.1%, and Nasdaq 100 Futures climbed 33 points, or 0.2%.

The main averages on Wall Street were mixed at the end of trading on Tuesday, with sentiment broadly steady despite a flurry of trade-related headlines.

Trump sent letters to several major economies outlining trade tariffs against them at the start of the week, while also postponing the effective date of his tariffs to August 1 from July 9.

He insisted at a cabinet meeting on Tuesday that the new deadline will not be pushed back any further, after stating earlier this week that it was “not 100% firm.” He added that negotiations are going well with the European Union and China, but flagged that the EU is days away from receiving its own tariff letter.

Along with the copper tariffs, other levies on everything from pharmaceuticals to semiconductors could soon be unveiled, Trump said.

Meanwhile, Treasury Secretary Scott Bessent claimed that Trump’s levies have raked in $100 billion in income for the U.S. this year and predicted that the number could climb to $300 billion by the end of December. Bessent flagged that the major collections began in the second quarter, when Trump instituted a baseline 10% duty and lifted tariffs on items like steel, aluminum and autos.

Fed minutes loom large

The minutes of the Fed’s June meeting are due later in the session, and are expected to provide more insight into the central bank’s plans for interest rates.

Policymakers left borrowing costs unchanged at a target range of 4.25% to 4.5% at the gathering, citing the prudence of a wait-and-see approach to future decisions as the impact of Trump’s tariffs becomes clearer.

Strong labor data released last week seemingly reduced the chances of the central bank cutting interest rates anytime soon.

Trump on Tuesday kept up his calls for lower interest rates while also attacking Fed Chair Jerome Powell. The president touted a study by the Council of Economic Advisers which claimed that his tariffs had not pushed up inflation so far.

The Wall Street Journal reported Tuesday that White House economic adviser Kevin Hassett is emerging as a “serious contender” to replace Powell as the next Fed Chair.

Hassett is one of Trump’s closest economic advisers, and is now seen as a preferred pick over earlier favorite Kevin Warsh, a former Fed governor, the WSJ reported.

Gold dips

Gold prices fell, seeing limited safe haven demand as uncertainty over U.S. trade tariffs and interest rates pushed traders towards the dollar.

Broader metal prices also broadly retreated amid pressure from a stronger greenback , which largely maintained its rebound from recent three-year lows.

Spot gold declined 0.2% to $3,295.13 an ounce, while gold futures for September fell 0.4% to $3,303.17/oz by 06:56 ET.

Crude ticks up

Crude prices ticked higher despite industry data showing a sharp increase in U.S. crude inventories amid concerns tariffs could curb demand for oil.

At 06:52 ET, Brent futures gained 0.2% to $70.29 a barrel and U.S. West Texas Intermediate crude futures were up 0.3% to $68.51 a barrel.

Both contracts climbed to a two-week high on Tuesday, driven by supply disruption concerns which stemmed from fresh Houthi attacks on Red Sea (NYSE: SE ) shipping lanes.

The American Petroleum Institute reported during the previous session a sharp, unexpected rise in {{8849|U.S. crcrude oil inventories for the week ending on July 4, with a build of 7.1 million barrels, far exceeding the forecast 2.8 million‑barrel draw.

Market watchers now await confirmation from the Energy Information Administration report, due later in the day, especially as the Independence Day holiday weekend usually sees strong travel demand.