The US has warned of tariffs on French goods after hitting Brazil and Argentinian metal imports this week and yesterday president Donald Trump told reporters in London a trade deal with China may have to wait until after the US presidential election in November 2020.
Despite yesterday's dip, the S&P500 was still up 23% in 2019, Bloomberg pointed out.
Metals and mining stocks were 2.6% lower in Toronto, although Barrick Gold (TSX: ABX) closed 2.3% higher as the gold price shone amid the uncertainty.
The gold price has risen about US$20 an ounce on the spot market over the past 24 hours and was worth just over $1,479/oz earlier.
China's iron ore futures rose yesterday, Reuters reported, as Vale cut its short-term iron ore outlook, while base metals bar tin closed lower in London.
Also in London, Glencore (LSE: GLEN) closed down 3.7% amid the gloom and as investors found CEO Ivan Glasenberg's departure could come sooner than expected, with the company putting the "transition to a new generation of leadership" among its top priorities for 2020.