The S&P/ASX 200 Index edged down 0.1% to close at 8,580 on Friday, retreating gains from the previous session, as losses in financials and gold stocks offset a rally in miners. The index also declined 0.3% over the week, following two consecutive weeks of gains. Market sentiment turned cautious after US President Trump announced a 35% tariff on Canadian imports starting August 1, citing Ottawa’s retaliatory tariffs. He also signaled plans to apply blanket tariffs of 15% to 20% on most other trade partners. On the corporate front, major banks and gold miners led losses, such as CBA (-0.5%) and Northern Star (-2.2%). Real estate and healthcare stocks were also under pressure. On the flip side, heavyweight miners rallied 1.9% as iron ore prices climbed on hopes of steel supply reforms and fresh stimulus from top consumer China. Shares of Johns Lyng Group also surged 23.3% in its strongest single-day performance after announcing a A$1.1 billion buyout deal with Pacific Equity Partners.