Toronto's main stock index opened higher on Friday ahead of Mark Carney's appointment as prime minister of Canada, while still being set for a weekly loss amid growth concerns from an ongoing trade war.

Carney is due to name a cabinet that will likely not be in office for long, since Liberal insiders say he will call a snap election in the coming days. If he changes his mind, opp

Political analysts and Liberal Party members expect Carney to call a national election shortly after taking power, to take advantage of polling momentum that suggests the governing Liberals and the Conservative Party are in a statistical tie.

Futures tied to Canada's main stock index jumped on Friday, but the benchmark index was on track for a sharp weekly fall as the escalating trade war with the United States sparked concerns of an economic slowdown.

Canada’s main stock index slid lower on Thursday during turbulent trading, as investors stayed cautious due to the escalating trade conflict with the United States. Mining shares were the only gainers on the TSX while tech led the decliners.

Canada strikes back in their trade war with the US. It will impose 25% tariffs on about C$30 billion ($20.8 billion) of US-made products, including steel and aluminum. The new levies match the US tariffs "dollar for dollar" and will take effect at 12:01 a.