CANADA STOCKS-TSX futures dip after Trump slaps tariffs on Canada

July 11 (Reuters) - Futures linked to Toronto's main stock index fell on Friday as U.S. President Donald Trump ramped up his tariff assault on Canada.

Futures on the S&P/TSX index .SXFcv1 fell 0.6% by 06:05 a.m. ET (1005 GMT).

Trump late on Thursday issued a letter implementing a 35% tariff rate on all imports from Canada, set to go into effect from August 1, adding that the rate would go up if Canada retaliated.

He also said the European Union could receive a letter on tariff rates by Friday and floated a blanket 15% or 20% tariff rate on other countries, a step up from the current 10% baseline rate.

The 35% tariff is an increase from the current 25% rate that Trump had assigned to Canada and is a blow to Prime Minister Mark Carney, who was seeking to come to a trade agreement with Washington.

Carney said his government will defend Canadian workers and businesses in their negotiations with the U.S.

An exclusion for goods covered by the U.S.–Mexico–Canada Agreement was expected to stay in place, while 10% tariffs on energy and fertilizer were not set to change, though Trump had not made a final decision, an administration official said.

Investors now await Canada's employment report for June, due later in the day, for clues on how the domestic economy is dealing with trade uncertainty and guide expectations for the Bank of Canada's July interest-rate decision.

Gold prices XAU= edged higher on safe-haven demand. Oil prices CLc1, LCOc1 steadied. Copper prices lowered on tariff worries. O/R GOL/ MET/L

The benchmark S&P/TSX composite index .GSPTSE notched a record high on Thursday, led by industrial shares, as investors shrugged off ongoing trade uncertainty.

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