Canada's main stock index rose on Wednesday, buoyed by renewed optimism for fresh trade agreements between the U.S. and its partner countries after President Donald Trump signaled the possibility of new deals ahead of the looming August 1 deadline.

The agreements have been overshadowed by U.S. firms issuing warnings about how the tariffs will affect their bottom lines and prolong uncertainty in the U.S. economy.

Commerce Secretary Howard Lutnick expressed confidence Sunday that the Trump administration will cut trade deals with key U.S. trading partners in the coming weeks — before steep tariffs kick in for dozens of countries.

Japan and the Philippines take to five the number of countries which have concluded trade deals with the United States ahead of an August 1 deadline set by President Donald Trump to avoid punitive tariff rates.

President Trump announced deals with Japan, Philippines and Indonesia, but many other countries have yet to clinch agreements.

The tariff rate for goods imported into the U.S. from both the Philippines and Indonesia will be 19%, the president said.

President Donald Trump announced new trade deals with Japan and the Philippines this week, bringing the total number of deals to five. However, several major trading partners still haven’t reached trade agreements with the U.S. ahead of the Aug. 1 deadlines.

The S&P 500 notched a record high close on Wednesday, lifted by Nvidia and GE Vernova, as the European Union and the U.S. appeared headed toward a trade deal similar to an agreement U.S. President Donald Trump struck with Japan.

With less than two weeks to go before country-specific tariffs could rise sharply, the Trump administration is drawing a lot of questions about what’s ahead.

OBAMA'S REBUKE: Former President Barack Obama’s office issued a rebuke of Trump yesterday over his accusation that his predecessor committed “treason” and rigged the 2016 and 2020 presidential elections.