Stock markets post big losses again as U.S. tariffs concerns continue
Posted April 7, 2025 10:20 am.
Last Updated April 7, 2025 5:33 pm.
Canada’s main stock index was down more than 500 points in late-morning trading, while U.S. stocks also continued to post big losses after U.S. President Donald Trump’s tariff announcement last week.
The S&P/TSX composite index was down 550.75 points at 22,642.72.
In New York, the Dow Jones industrial average was down 885.99 points at 37,428.87. The S&P 500 index was down 88.55 points at 4,985.53, while the Nasdaq composite was down 302.85 points at 15,284.94.
The Canadian dollar traded for 70.21 cents US compared with 70.34 cents US on Friday.
The May crude oil contract was down US$1.62 at US$60.37 per barrel and the May natural gas contract was down six cents US at US$3.78 per mmBTU.
The June gold contract was down US$34.50 at US$3,000.90 an ounce and the May copper contract was down 17 cents US at US$4.23 a pound.
Stock markets started selling off last Thursday after Trump unveiled steep tariffs after markets closed on Wednesday that are expected to cause havoc on global trade.
Trump said on the weekend he didn’t want global markets to fall, but added that he wasn’t concerned about the massive sell-offs.
He said: “sometimes you have to take medicine to fix something.”
