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Trade war turmoil topples Canada's main financial market from its all-time high

By DAMIAN J. TROISE - Mar 14, 2025, 10:49 AM ET
Last Updated - Mar 14, 2025, 10:49 AM EDT
Trump Tariffs
Coils of steel are seen at the ArcelorMittal Dofasco Steel Plant in Hamilton, Ontario, Friday, Feb. 14, 2025. (Chris Young/The Canadian Press via AP)

Trade war turmoil is weighing heavily on financial markets in Canada

NEW YORK (AP) — Trade war turmoil is weighing heavily on financial markets in Canada.

Canada's main stock index has been tumbling along with U.S. indexes since President Donald Trump initiated a trade war with his North American neighbors. Mexico's main stock index has remained relatively steady following measures from the Mexican government to stabilize financial markets.

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The Toronto Stock Exchange’s S&P/TSX composite index reached an all-time high on Jan. 30. It started sliding a day later following the first salvo in the form of announced 25% tariffs on all goods from Canada and Mexico. Since then, Trump has rattled markets with uncertainty as he changes his mind on implementing or delaying tariffs on a seemingly daily basis.

The S&P/TSX composite has shed about 5% since Trump opened the trade war on Jan. 31. The financial sector is among the hardest hit, with a 8.6% drop. The industrial sector is down 7.4%, while the energy sector has shed 5.4%.

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