U.S. stocks and the Canadian dollar initially plummeted following President Trump's announcement of tariffs on Canadian and Mexican goods. The markets rebounded after Mexican President Sheinbaum announced a one-month delay in U.S. tariffs against Mexico. Canada retaliated with its own tariffs.
U.S. stocks sank and the Canadian dollar fell further in early trading on Monday morning against the backdrop of a brewing North American trade war , then rebounded mid-morning after Mexican president Claudia Sheinbaum announced that U.S. tariffs against her country would be delayed by one month.President Donald Trump speaks to reporters in the Oval Office of the White House on Jan. 31.
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.
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