Consumer prices rose 2.3% in April compared to a year ago, cooling slightly from the previous month and defying fears of an inflation surge in the aftermath of President Donald Trump's "Liberation Day" tariffs last month. The reading -- which marked the lowest inflation rate since 2021 -- matched economists' expectations.

Canada has effectively suspended almost all of its retaliatory tariffs on US products, tamping down inflation risks and improving its growth outlook, according to Oxford Economics.

The price hike threat from tariffs is receding while housing indicators pointing to a cooling in shelter costs

Smartphone shipments to the U.S. surged 30% in March as manufacturers Apple , Samsung and Motorola rushed to bring more devices into the country in anticipation of steep import tariffs, Counterpoint Research said on Wednesday.