(Updates with morning prices)

By Sanchayaita Roy and Sukriti Gupta

May 5 (Reuters) - Canada's main stock index slipped on

Monday, as U.S. President Donald Trump's new tariffs sparked

fresh investor concerns, ahead of the Federal Reserve's monetary

policy decision this week.

The Toronto Stock Exchange's S&P/TSX composite index

was down 0.4% at 24,942.81 points.

Trump on Sunday announced a 100% tariff on movies produced

outside the U.S., but offered little clarity on how the levies

would be implemented.

Shares of U.S. media firms tumbled amid concern that the

latest tariffs could increase the cost for Hollywood studios and

disrupt the global entertainment industry.

"A lot of movies are made in Canada...it makes it very

economical for the U.S. companies to come up and film a movie

here versus down in the U.S. So, not a good announcement for us

here in Canada", said Allan Small, senior investment advisor at

Allan Small Financial Group with iA Private Wealth.

Meanwhile, data showed that Canada's services economy

contracted for a fifth straight month in April as uncertainty

around trade policy and the country's general election weighed

on activity.

The spotlight this week will be on the Federal Reserve,

which is widely expected to leave interest rates steady on

Wednesday.

On the TSX, energy shares led sectoral losses with

a 1.9% fall, tracking a drop in oil prices.

Conversely, mining stocks were up 0.8% after gold

prices gained more than 2%.

Canadian fuel refiner and retailer Parkland rose

7.6% after U.S.-based Sunoco LP ( SUN ) said it will buy the

company in a deal valued at about $9.1 billion, including debt.