The S&P/TSX Composite eased 0.5% to close at 27,054 on Tuesday, pulling back from record highs as Bay?Street recalibrated to sticky domestic inflation and elevated trade-war risks. June’s headline CPI of 1.9%, coupled with a still-high 3% trimmed-mean core rate, reinforced expectations that the BoC will hold its overnight rate at 2.75% rather than pivot to cuts, prompting profit-taking in rate-sensitive sectors. At the same time, President Trump’s renewed threat of 30% tariffs on EU and Mexican imports, added to existing duties on Canadian exports outside USMCA carve-outs, revived concerns over cross-border volumes for resource and auto exporters. Energy producers led the decline, with Canadian Natural Resources down 1.4%, Suncor Energy off 0.9% and Imperial Oil slipping 1%, while Wheaton Precious and Barrick each shed over 0.7%, Shopify lost about 1.3% and financials also traded lower.