Canada’s main stock index fell nearly 500 points in early trading, while U.S. stock markets also tumbled, adding to their losses Monday after U.S. President Donald Trump confirmed tariffs on goods coming from Canada and Mexico.
The S&P/TSX composite index was down 568.31 points or 2.3 per cent at 24,433.260 Monday morning after the tariffs came into effect at 12:01 a.m. ET, triggering a continental trade war.
In New York, the Dow Jones industrial average was down 662.30 points at 42,528.94. The S&P 500 index was down 97.74 points at 5,751.98, while the Nasdaq composite was down 305.26 points at 18,044.93.
The Canadian dollar traded for 69.05 cents US compared with 69.31 cents US on Monday.
The April crude oil contract was down US$1.52 at US$66.85 per barrel and the April natural gas contract was up 34 cents at US$4.46 per mmBTU.
The April gold contract was up US$17.70 at US$2,918.80 an ounce and the May copper contract was down four cents at US$4.57 a pound.