The Toronto Stock Exchange has slumped 500 points at midday with all sectors lower.
The biggest decliners are financials and technology, down 2.9% and 2.7%, respectively.
Oil fell to a three-month low early on Tuesday as the U.S. launched a tariff war on its largest trading partners and OPEC+ affirmed it plans to begins returning 2.2 million barrels per day of production cuts to the market next month.
But gold prices rose for a second day in a flight to safety as the dollar fell. And natural gas was sharply higher, rising 5% to the highest in more than two years on depleting inventories even as forecasts see a mild end to the heating season.
But it is tariffs at center of market attention today. BMO Economics noted Trump’s tariff hammer will come down hard on Canada’s economy. If the announced tariffs remain in place for one year, the economy would face the risk of a moderate recession. A couple quarters of contraction are within…
