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Canadian stocks tumble into correction as tariff fears hit
Since Trump implemented global tariffs on April 2, Canadian stocks have fallen sharply
Canadian stocks sank into a correction on Friday as United States President Donald Trump’s tariffs on major trading partners spark fears of a recession.
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The S&P/TSX Composite Index fell 4.8 per cent at 10:42 a.m. in Toronto, putting the country’s benchmark equities index 10 per cent below its most recent peak in January.
The S&P/TSX has outperformed the U.S. benchmarks so far this year and managed to avoid hitting a correction in March, when the S&P 500 and Nasdaq 100 indexes both fell far enough to hit the milestone. The Nasdaq 100 Index tumbled 4.3 per cent on Friday, on track to close in a bear market.
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Since Trump implemented global tariffs on April 2, however, Canadian stocks have fallen sharply. China’s retaliation and OPEC’s intention to boost oil production in May have weighed on commodity prices and natural resources stocks, which have a heavy weighting in Toronto. Energy and materials make up roughly 30 per cent of the S&P/TSX Composite Index.
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“Stocks and commodities have been under heavy selling pressure overnight on fears that this week’s Trump tariffs may have ignited a global trade war,” said Colin Cieszynski, portfolio manager and chief market strategist at SIA Wealth Management in Toronto.
Bloomberg.com
