TORONTO — Stock markets in Canada and the U.S. plunged at the start of trading following the announcement of U.S. President Donald Trump's latest tariff plan.
The S&P/TSX composite index was down 616.25 points at 24,690.93.
In New York, the Dow Jones industrial average was down 1,105.78 points at 41,119.54. The S&P 500 index was down 181.56 points at 5,489.41, while the Nasdaq composite was down 752.61 points at 16,848.44.
The move comes after U.S. President Donald Trump announced so-called "reciprocal tariffs" hitting just about every country around the world including a new 20 per cent tariff on the European Union and a 34 per cent levy on imports from China.
Stock markets in Europe and Asia were also down following the news.
The Canadian dollar traded for 71.19 cents US compared with 69.83 cents US on Wednesday.