By Glen Hallick
Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- United States President Donald Trump unveiled his reciprocal tariff plan on Wednesday that’s highlighted by a 10 per cent baseline tariff on all countries effective April 5. Also there is a 25 per cent levy on automobiles starting on Thursday. As for Canada and Mexico, Trump said duties on those countries are unchanged: no tariffs on CUSMA compliant goods, 25 per cent on non-compliant and 10 per cent on energy and fertilizer. Analysts said Trump’s tariff scheme, the so-called ‘Liberation Day’ is very likely to trigger a global trade war against the U.S. accompanied by an economic recession.
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Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally. – Canadian…
- Canadian Prime Minister Mark Carney returned to Parliament Hill on Wednesday, stepping away from the federal election. Carney said Trump’s reciprocal tariffs will “fundamentally change the global trading system” and that Canada will retaliate “with purpose and force” but he did not announce any specifics on countermeasures. Reports said Carney will meet with Canada’s premiers on Thursday to further discuss a plan of action followed by a news conference at 10:30 a.m. CDT.
- The North American markets were down hard Thursday morning, with the DOW Jone Industrial Average forfeiting 2.84 per cent, with the S&P 500 Index tumbling 3.61 per cent, and the Nasdaq retreating 4.22 per cent. In Canada, the TSX Composite Index lost 2.81 per cent.
- Statistics Canada reported on Thursday that the country’s international merchandise trade in February saw exports drop 5.5 per cent at C$70.1 billion, while imports rose 0.8 per cent at C$71.6 billion. StatCan also released its international trade in services with exports down 1.6 per cent in February at C$17.6 billion and imports of services stepping back 0.8 per cent at C$18.3 billion.
