The S&P/TSX Composite Index swung between gains and losses at the 24,440 mark on Thursday nearing four-month lows as escalating U.S. trade tensions inject uncertainty into Canadian equities and trigger cautious trading.
President Trump’s threats of additional tariffs on EU goods—including a proposed 200% levy on European alcoholic beverages—have intensified global trade risks, while Canada’s retaliatory tariffs on $29.8 billion of U.S. goods in response to steel and aluminum duties further strain investor sentiment.
These mounting trade disruptions, coupled with broader recession risks in both the U.S. and Canada, are weighing on export-driven sectors and dampening business confidence.
E-commerce leader Shopify led the decline with losses exceeding 2%, and major financial institutions, including CIBC, fell by over 1%, whereas mining giants Agnico Eagle, Barrick Gold, Wheaton Precious, and Franco-Nevada each added more than 1%.
