Tariffs spark 2.4 trillion CAD market loss on Wall Street
At the start of Thursday's session, 2.4 trillion CAD disappeared from Wall Street. According to the BBC, steep declines in global markets were a response to the reciprocal tariffs introduced by U.S. President Donald Trump.
Thursday's session on Wall Street began with significant drops. BBC reports that the Dow Jones Industrial fell by 2.7%, the S&P 500 decreased by 3.1%, and the Nasdaq Composite was down by 4.2%.
Shares were being heavily sold off, especially in retail networks and corporations that had previously thrived on globalization. Apple shares dropped by 8%, Tesla by 4%, Nike by 12%, and the Dollar Tree network by 11%, as noted in the daily.
Impact on currencies and commodities
The dollar lost value against major world currencies. "In the afternoon, 1 euro was valued at $1.106, and 1 dollar at 3.79 zloty. The yield on ten-year U.S. bonds fell to 4.05%. The price of gold set a record close to $3,160, only to later drop to around $3,100. (...) WTI crude oil, meanwhile, fell by nearly 6%, decreasing to below $92 per barrel," reports BBC.
The sell-off was triggered by the tariffs announced by Donald Trump after the markets closed on Wednesday. These tariffs apply to goods from all countries globally, ranging from a minimum of 10% to 49%.
For the U.S.'s largest trading partners, such as the EU and China, rates will amount to 20%, and for China specifically, 34%. High tariffs are also set to apply to products from Asian countries like South Korea, Japan, India, Vietnam, or Bangladesh.
