Canada's main stock index ticked higher while U.S. markets were mixed in late-morning trading Wednesday, after 25 per cent tariffs on U.S. imports of steel and aluminum officially kicked in and the Bank of Canada cut its key lending rate by a quarter-point to 2.

Futures tied to Canada's main stock index rose on Wednesday in the run-up to the Bank of Canada's interest rate decision later in the day, which is expected to result in a quarter-point cut.

Another 25 basis point cut is on the board and investors are watching closely to see if the rate cut will give some breathing room to the economic uncertainties. Market Numbers: (Futures) TSX : Up (0.

The Toronto Stock Exchange’s S&P/TSX composite index was down 0.28% at 24,313.03. Trump on Tuesday doubled his planned tariff on all steel and aluminum products coming into the United States from Canada, bringing the total to 50%, in response to the Ontario province placing levies on electricity coming into the U.S.

WASHINGTON (Reuters) -President Donald Trump on Tuesday doubled his planned tariffs on all imports of steel and aluminum products from Canada to 50%, in response to the province of Ontario's decision to place a 25% tariff on its electricity exports to the U.S.