TORONTO – Stock markets in Canada and the U.S. plunged in early trading following the announcement of U.S. President Donald Trump’s latest tariff plan.
The S&P/TSX composite index was down 712.67 points at 24,594.51.
In New York, the Dow Jones industrial average was down 1,490.84 points at 40,734.48.
The S&P 500 index was down 218.66 points at 5,452.31, while the Nasdaq composite was down 833.70 points at 16,767.35.
The move came after U.S. President Donald Trump announced so-called “reciprocal tariffs” hitting just about every country around the world including a new 20 per cent tariff on the European Union and a 34 per cent levy on imports from China.
The fresh round of levies sparked concerns by economists that they could drag the global economy into a recession.
The drop in North American markets followed similar moves on markets in Europe and Asia following the news.
The Canadian dollar traded for 71.20 cents US compared with 69.83 cents US on Wednesday.
The May crude oil contract was down US$5.08 at US$66.63 per barrel and the May natural gas contract was up 12 cents US at US$4.17 per mmBTU.
The June gold contract was down US$50.10 at US$3,116.10 an ounce and the May copper contract was down 20 cents US at US$4.84 a pound.
This report by The Canadian Press was first published April 3, 2025.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
