CLOSING BELL: Markets tumble after China slaps U.S. with retaliatory tariffs
The markets kicked the week off with a nosedive today with the United States and China at the brink of a trade war as China slaps the U.S. with tariffs.
Investor fear of that, combined with financial and energy losses, pulled Canada’s main stock market down. The TSX finished the day at 15,213, a loss of 153 points.
To add yet another issue to those concerns Ontario is firing back at New York State’s new “Buy American” rules that mandate all government road and bridge projects have to use iron that was made in America. Ontario announced today New York State-made iron will be limited in government projects.
As expected it was a rough day on Wall Street after China announced an up to 25 per cent jump in tariffs on a wide range of U.S. products including meat, wine, and fruits, and tech stocks continued to falter. The Dow Jones lost 458 points, closing at 23,644. Amazon fell more than five per cent today as the online retailer continues to find itself in President Trump’s crosshairs.
At press time oil is down $1.80 to $63.14 U.S. per barrel, gold is up $17.70 to $1345 an ounce, and the loonie is down a tenth of a cent to 77.41 cents U.S.