Canada’s main stock index fell on Tuesday following US President-elect Donald Trump’s announcement of significant tariffs on major US trading partners, including Canada, which negatively impacted investor confidence.
The incoming President proposed a 25 per cent tariff on goods from Mexico and Canada, along with an additional 10 per cent tariff on Chinese products. He has previously stated his intention to impose a tariff of up to 20 per cent on all imports, with an extra duty of at least 60 per cent on Chinese goods. A day after the Dow Jones reached a record high, US markets rallied, with the Dow doing it again to another new intraday high, along with the S&P 500.
The Canadian dollar traded for 71.08 cents US compared to 71.52 cents US on Monday.
US crude futures traded $0.30 lower at US$68.64 a barrel, and the Brent contract lost $0.35 to US$72.66 a barrel.
The price of gold was up US$14.44 to US$2,631.87.
In world markets, the Nikkei was down 338.14 points to 38,442.00, the Hang Seng was up 8.21 points to 19,159.20, the FTSE was down 33.07 points to 8,258.61, and the DAX was down 109.22 points to 19,295.98.
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(Top image generated with AI)