By Sanchayaita Roy

(Reuters) - Canada’s main stock index fell on Friday weighed down by mining and telecom stocks amid worries that tariffs imposed by the Trump administration will hurt the economy and stoke inflation.

Toronto Stock Exchange’s S&P/TSX composite index was down 0.8% at 24,858.59.

Capped communication was the biggest loser and down 2%, while the materials sector fell 1.4% due to lower gold prices. [GOL/]

Despite the day’s losses, the benchmark index was up 1.2% so far this week, primarily benefiting from the U.S. Federal Reserve’s projections of interest rate cuts for the year.

The Bank of Canada last week raised concerns about inflationary pressures and weaker growth stemming from trade uncertainty after U.S. President Donald Trump’s tariffs.

"A lot of this is still reacting based on the looming threat of a protracted trade war with the United States," said Shiraz Ahmed, senior portfolio manager and founder of Sartorial Wealth at Raymond James.

Political developments were also in focus after a report said new Canadian Prime Minister Mark Carney is poised to call a snap federal election on Sunday for April 28.

"It’s going to add some more uncertainty to the Canadian market. Everybody wants this election and tariff talk to be behind us", Shiraz added.

Data showed Canada’s retail sales shrank faster than anticipated in January as car purchases and supermarket and grocery sales fell.

Among individual stocks, Premium Brands gained 5.1% after the specialty food producer and distributor beat fourth-quarter earnings estimates.