May 23 (Reuters) - Futures for Canada's main stock index dipped on Friday after U.S. President Donald Trump recommended steep 50% tariffs on the European Union.
June futures on the S&P/TSX index (.SXFcv1), were down 1.04% at 8:03 a.m. ET (1203 GMT).
Trump is recommending tariffs on goods from the EU starting on June 1, saying the EU has been hard to deal with on trade.
On Thursday, the Republican-controlled U.S. House of Representatives passed a sweeping tax and spending bill, raising concerns about worsening fiscal outlook in the world's biggest economy. The bill now heads to the Senate for approval.
Also on Thursday, Bank of Canada Governor Tiff Macklem said he expected second-quarter growth to be "quite a bit weaker" than the first quarter, and that it could be worse in subsequent quarters if the uncertainty around U.S. tariffs continued.
The central bank last month forecast annualized first-quarter GDP would be 1.8% but did not give any other projections, citing uncertainty over U.S. tariff policy.
Statistics Canada will release the first-quarter GDP data on May 30, a week before the central bank's next interest rate decision.
In commodities, oil prices dropped for a fourth consecutive session and were set for their first weekly decline in three weeks.
Gold prices rose and were poised for their biggest weekly gain in more than a month, while copper prices were expected to see slim weekly gains.
Canada's main stock index edged higher on Thursday, as technology shares clawed back some of the previous day's declines and investors cheered TD Bank's quarterly results.
During the week, investors assessed hotter-than-expected domestic core inflation data.
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Reporting by Sanchayaita Roy; Editing by Sahal Muhammed
