Canada’s main stock index was down nearly 200 points in late-morning trading, while the loonie fell to its lowest level in more than two decades as Canadian exports to the United States face sweeping tariffs starting Tuesday.
Sammy Hudes and Craig Wong, The Canadian PressA Canadian dollar, or loonie, is pictured in North Vancouver, B.C., March 5, 2014. THE CANADIAN PRESS/Jonathan Hayward
Canada has promised to retaliate starting with tariffs on $30 billion of U.S. goods on Tuesday. Ottawa also plans to add another $125 billion in tariffs in 21 days on hundreds of other U.S. goods after consulting with industry. In New York, the Dow Jones industrial average was down 38.97 points at 44,505.69. The S&P 500 index was down 35.08 points at 6,005.45, while the Nasdaq composite was down 186.49 points at 19,440.95.Colin Cieszynski, portfolio manager and chief market strategist at SIA Wealth Management, said the market reaction suggests some didn’t believe Trump would follow through on his tariff threat to Canada.
Cieszynski noted the widespread stock declines to start the trading week, including for banks, industrials and some tech companies.Cieszynski said investors will be watching to see how long, and how far, the loonie continues falling.
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