Futures tracking the S&P/TSX Composite Index edged higher on Tuesday, supported by hopes for a diplomatic resolution to Middle East tensions. Iran is reportedly considering a proposal from mediators for a 10-day ceasefire aimed at paving the way for a lasting agreement to end the war. Gold prices rose on the news, supporting mining shares. Meanwhile, US President Trump imposed a sweeping 50% tariff on a broad range of Canadian imports. However, key Canadian exports such as energy, potash, and critical minerals are exempt, while autos and steel are also excluded because they are already subject to separate sector-specific tariffs. Separately, Britain's new government is expected to invite Canada to join the delayed GCAP fighter-jet project as European allies seek to reduce their reliance on US defence equipment and technology.