Canada’s main stock index dropped hard on Thursday, dragged down by energy and mining stocks, as reciprocal US tariffs against major trading partners heightened fears of a global recession. The biggest decliner on the TSX was the tech sector by a wide margin, although in a turnabout from yesterday, the telecom sector was the lone gainer.
The new US tariffs impose a minimum of 10 per cent on all imports, with higher duties on some of the US’s biggest trading partners. However, Canada largely avoided these new levies, as goods complying with the USMCA trade agreement between the US, Mexico, and Canada remain exempt, except for autos, steel, and aluminum.
US stocks also plunged as the increased risk of a global trade war further strained the already struggling US economy. The administration threatened that even higher duties will be imposed on countries that levy higher rates on the US in the coming days.
| TSX | 25,335.77 | -971.41 |  |
| TSXV | 614.28 | -16.87 | |
| CSE | 113.54 | -4.37 | |
| DJIA | 40,545.93 | -1,679.39 | |
| NASDAQ | 18,521.47 | -1,060.30 | |
| S&P 500 | 5,396.52 | -274.45 | |
The Canadian dollar traded for 70.95 cents US compared to 70.03 cents US on Wednesday.
US crude futures traded US$4.92 lower at US$66.79 a barrel, and the Brent contract lost US$4.95 to US$70.00 a barrel.
The price of gold was down US$22.19 to US$3,103.86.
In world markets, the Nikkei was down 989.94 points to ¥34,735.93, the Hang Seng was down 352.72 points to HK$22,849.81, the FTSE down 133.74 points to ₤8,474.74, and the DAX was down 673.45 points to €21,717.39.
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(Top image generated with AI.)
