March 24 (Reuters) - Futures tied to Canada's main stock index rose on Monday, mirroring gains of its Wall Street peers after media reports said the approach of the U.S. to fresh tariffs is likely to be more moderate than thought.
The futures on the S&P/TSX index were up 0.7% at 6.45 ET (1045 GMT).
U.S. President Donald Trump's administration is likely to exclude a set of sector-specific tariffs while applying reciprocal levies on April 2, according to media reports over the weekend that helped sentiment in early trading.
Back home, new Canadian Prime Minister Mark Carney called a snap election for April 28 on Sunday, saying he needed a strong mandate to deal with the threat posed by Trump.
After meeting provincial and territorial leaders on Friday, Carney said that Canada could offset the effects of any U.S. tariffs by removing internal trade barriers. He said he aimed for free trade within the country by July 1.
This week's economic calendar features domestic January GDP figures and the Federal Reserve's preferred inflation reading, though markets will likely be driven by updates on Trump's global reciprocal tariff plans set for April 2.
In commodities, oil prices rose as investors weighed the impact of fresh U.S. sanctions on Iranian exports against ceasefire talks aimed at ending the Russia-Ukraine war, which could increase Russian supplies to global markets.
Gold was steady as traders awaited fresh catalysts after a recent rally pushed prices to record highs, fueled by geopolitical concerns and hopes of U.S. rate cuts.
Copper prices rose due to a weaker dollar, but gains were limited by concerns about upcoming U.S. tariffs.
Toronto's main stock index (.GSPTSE), ended lower on Friday, giving back some of its weekly gains as investors focused on tariff uncertainty.
But the index still posted its biggest weekly gain since November.
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Reporting by Sanchayaita Roy in Bengaluru; Editing by Sahal Muhammed
