TORONTO – Canada’s main stock index closed down Thursday while U.S. markets were mixed as numerous tariffs imposed by U.S. President Donald Trump against countries took effect.
The higher tariff rate hit more than 60 countries and the European Union, ranging from a low of 10 per cent to a staggering 50 per cent on Brazil, following on an increase last week of the tariffs rate to 35 per cent for Canadian goods not covered by the Canada-United States-Mexico Agreement.
The move has helped overshadow an earnings quarter that has seen some big beats on expectations, said Graham Priest, portfolio manager at BlueShore Financial.
“There were a number of companies that came out with earnings, and overall a number of them did beat expectations,” said Priest.
“But there is still a cloud overhanging regarding the impact of tariffs going forward, and how future earnings will be impacted as a result.”
The S&P/TSX composite index closed down 159.60 points at 27,761.27 on broad losses, offset somewhat by gains in telecoms and utilities.
Canadian consumer-facing companies saw some of the biggest declines Thursday, including Canadian Tire Corp. Ltd. that was down over 10 per cent after reporting profits were down from a year earlier. Both Dorel Industries and Restaurant Brands International Inc. were down over five per cent.
In New York, the Dow Jones industrial average was down 224.48 points at 43,968.64. The S&P 500 index was down 5.06 points at 6,340.00, while the Nasdaq composite was up 73.27 points at 21,242.70.
The Nasdaq was up in part as Apple Inc. rose over three per cent on hopes that its massive size can help it navigate Trump’s economy. Its stock climbed after CEO Tim Cook joined Trump at the White House on Wednesday to say it’s increasing its investment in U.S. manufacturing by an additional $100 billion over the next four years.
The Canadian dollar traded for 72.71 cents US compared with 72.75 cents US on Wednesday.
Statistics Canada will provide more insight into the state of the Canadian economy Friday when it releases job numbers data for July.
The September crude oil contract was down 47 cents US at US$63.88 per barrel. The December gold contract was up US$20.30 at US$3,453.70 an ounce.
This report by The Canadian Press was first published Aug. 7, 2025.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
