Canada and U.S. stock markets fall for a second day after trade war launched

TORONTO — North American stock markets closed out a volatile trading day with broad losses as the U.S. imposed sweeping tariffs on imports from Canada and Mexico, triggering a continental trade war.

The S&P/TSX composite index closed down 429.57 points at 24,572, after U.S. President Donald Trump’s executive order implementing the tariffs took effect just after midnight.

In New York, the Dow Jones industrial average was down 670.25 points at 42,520.99. The S&P 500 index was down 71.57 points at 5,778.15, while the Nasdaq composite was down 65.03 points at 18,285.16.

The Canadian dollar traded for 69.02 cents US compared with 69.31 cents US on Monday.

The April crude oil contract was down 11 cents US at US$68.26 per barrel and the April natural gas contract was up 22 cents at US$4.35 per mmBTU.

The April gold contract was up US$19.50 at US$2,920.60 an ounce and the May copper contract was down five cents at US$4.56 a pound.

This report by The Canadian Press was first published March 4, 2025.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

Rosa Saba, The Canadian Press