U.S. stocks sank on Monday morning against the backdrop of a brewing trade war between Canada and the U.S., after president Donald Trump signed an executive order imposing a 25 per cent tariff on Canadian goods (10 per cent on oil) and Canada retaliated with its own tariffs.
Trump says he and Trudeau spoke this morning and have another call in the afternoon
U.S. stocks sank on Monday morning against the backdrop of a brewing trade war between Canada and the U.S., after President Donald Trump signed an executive order on Saturday imposing a 25 per cent tariff on Canadian goods (10 per cent on oil) and Canada retaliated with its own tariffs.
Opening market reaction in the U.S. saw the S&P 500 down 1.7 per cent, while the tech-centric Nasdaq composite tumbled 2.1 per cent. The Dow Jones Industrial Average fell 557 points in early trading.
The TSX was down 442.81 points. The Canadian dollar also fell to its lowest level against the U.S. dollar in more than two decades on Monday, trading at $68.13 US compared to $69.04 US on Friday afternoon.
Trump wrote on his Truth Social platform that he spoke with Prime Minister Justin Trudeau early Monday morning and had scheduled another call for later this afternoon.
More to come.
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