U.S. stock market sees worst day since 2020 as Trump’s trade war rattles global economy

We're finishing up our unrecorded updates

The archetypal afloat time of Trump's expanded commercialized warfare rattled the planetary system contiguous arsenic satellite leaders rapidly responded to caller tariffs and shaken investors ran for the hills. Canada swung backmost with tariffs of its own, present totalling much than $95 cardinal worthy of American goods.

We're wrapping up with this page, but you tin scroll down for a recap of the time arsenic it happened. Here are a fewer links if you're looking for much sum connected a peculiar topic:

• Overturning the economical satellite bid volition person consequences for the U.S. The question for Trump is whether helium tin tummy the cost.
• Carney warned Trump's determination to levy tariffs connected virtually each state volition "rupture the planetary economy" and torpedo economical growth.
• After spending a fewer weeks pounding connected Canada and Mexico, Trump turned his attraction yesterday to a full caller target: the remainder of Planet Earth.

And, finally, you tin find the afloat database of countries facing American tariffs here.

See you tomorrow.

Trump brushes disconnected the banal marketplace nightmare

On a time the banal markets tanked, Trump flashed a caller golden paper with his look connected it: a U.S. permanent-residency card, disposable for $5 million, which Trump is moving to create.

"For $5 cardinal this could beryllium yours," helium said, speaking to reporters connected his mode to Florida for the weekend. "The Trump card. Gold card."

Asked astir the U.S. market’s worst time successful years, helium said "it’s to beryllium expected.”

Several times today, Trump utilized an analogy to downplay the bloodbath successful markets: that of an operation.

In this analogy, the U.S. system was diseased, suffering from a chronic balance-of-payments shortage with different countries driven by excessively galore imports of manufactured goods.

“It was a sick patient. It went done an operation," Trump said. “The operation’s over. And present we fto it settee in.”

Now, successful Trump's telling, the healing volition begin.

He expressed an openness to negotiating with immoderate countries, which is unsurprising fixed that he's already announced plans to bash truthful with Canada aft the national election.

But helium insists it would instrumentality "phenomenal" offers from countries to reconsider, arsenic helium genuinely intends these tariffs to thrust manufacturing backmost to the U.S.

“Every country’s called us,” Trump said. “Now they’ll bash thing for us.”

‘I don't privation to unrecorded successful fear,’ says autoworker

Rumours were circulating for days astatine the Stellantis assembly works successful Windsor astir imaginable layoffs arsenic soon arsenic adjacent week. It turns retired the rumours were true.

A two-week shutdown starts adjacent week, according to the company.

Mark Merkestyn was connected his mode successful for his displacement and I asked him what helium thought the temper would beryllium similar tonight. "I deliberation there's going to beryllium a batch of rumours again, possibly a small spot much sombre mood," said Merkestyn.

He said he's expecting a "bumpy thrust for a fewer months,” but he's not disquieted astir his occupation successful the agelong term.

Yousif Breesam is much stressed than his co-worker. "I americium precise worried," said the begetter of three, including a babe girl. It's hard for employees to marque decisions astir their lives close now, helium said.

In the midst of a national predetermination wherever the tariff warfare is playing retired connected the run trail, Breesam had this connection for the enactment leaders:

"I conscionable don't privation them to combat with each other. I privation them to combat for Canada."

"We person 1 large occupation which is Donald Trump. They each person to absorption connected however to enactment Canadians during this hard time," helium said.

Rita Clark was carrying cupcakes connected her mode into her displacement to observe a co-worker's birthday.

She's hoping this is so conscionable a two-week layoff and thing longer. "You gotta person faith," she told me. "I don't privation to unrecorded successful fear."

Conservatives taking vigor implicit different candidate

I'm Jackie McKay, a newsman for CBC Indigenous based successful Vancouver.

The Conservative Party is facing calls to driblet different campaigner implicit comments helium made connected societal media astir residential schools.

First Nations leaders successful B.C. accidental the posts by Aaron Gunn, who's moving successful the riding of North Island-Powell River, amusement "denial of residential schoolhouse impacts."

Gunn published posts connected X betwixt 2019 and 2021 denying that Indigenous radical faced a genocide successful Canada and said "residential schools were asked for by Indigenous bands."

Union of British Columbia Indian Chiefs Grand Chief Stewart Phillip called the posts "absolutely reprehensible and repugnant and wholly devoid of immoderate consciousness of compassion for Indigenous Peoples who suffered enormously done the residential schoolhouse experience.”

"I don't deliberation this antheral is acceptable for nationalist office, whether it beryllium national oregon provincial oregon immoderate bureau that allows him to proceed to marque these horrible statements," helium said.

Terry Teegee, B.C. determination main for the Assembly of First Nations, said the Conservatives should see dropping Gunn.

CBC News made respective attempts to interaction Gunn for remark but has yet to perceive back.

In a statement, a Conservative Party run spokesperson said: "Aaron Gunn has been wide successful recognizing the genuinely horrific events that transpired successful residential schools, and immoderate effort to suggest different is simply false."

The Conservatives person dropped 4 candidates this week, 3 of them for arguable comments.

Canadian tariffs deed $95.4B successful U.S. goods

So, wherever are we astatine for retaliatory tariffs?

The duties connected U.S. vehicles and car parts volition impact astir $35.6 cardinal worthy of American goods. Before that, the Canadian effect to its alloy and aluminum being taxable to a 25 per cent levy was to taxation $29.8 cardinal successful U.S. goods, mostly metallic products, arsenic good arsenic accusation exertion equipment.

The archetypal $30 cardinal came connected March 4 aft the U.S. justified tariffs by pointing to amerciable fentanyl trafficking and cross-border migration, which coming from Canada person been recovered to beryllium comparatively minimal. Those tariffs are imposed connected U.S. clothing, alcohol, orangish foodstuff and appliances, among different goods.

In all, we're approaching $100 cardinal worthy of U.S. goods being deed by retaliatory tariffs from Canada.

Not a bully time for U.S. markets, which had their single-biggest wipeout since March 2020.

The Nasdaq — location to galore large tech stocks — was down six per cent by the clip markets closed astatine 4 p.m. ET. The S&P 500 was down astir 5 per cent astatine close, and the Dow Jones Industrial Average was down implicit 1,600 points, oregon 4 per cent, by the extremity of the trading day.

Wedbush Securities expert Dan Ives told my workfellow Meegan Read that if Trump’s tariff strategy isn’t portion of a negotiating tactic, past it’s an “economic armageddon.”

“This is simply a self-inflicted wound,” helium said.

Canada needs to sphere confederation with Mexico, Singh adds

Trump's past behaviour suggests helium ever needs to consciousness similar he's made a deal. And provincial premiers aren't the lone ones who've floated the conception that it mightiness beryllium successful Canada's champion involvement to chopped Mexico loose.

After speaking with Trump past week, Carney told reporters it wasn't wide whether Mexico would beryllium included successful tariff negotiations with the U.S. pursuing Canada's election. Carney said it would beryllium “Canada’s preference” to person Mexico astatine the table, but his remarks suggested an wholly caller concern with the Americans mightiness request to instrumentality shape.

I asked Singh contiguous for clarification connected whether the national NDP agrees with the concern leaders and politicians successful the "throw Mexico nether the bus" camp.

Does Singh enactment up with populist, protectionist commercialized skeptics? Apparently — and somewhat amazingly — no.

"We privation to beryllium successful solidarity with Mexico," helium said. Both countries are being "unjustly, unfairly" targeted, Singh said, arsenic Trump violates the commercialized statement helium signed.

"We should amusement solidarity successful warring backmost together," helium said.

‘No reason’ to revisit escaped commercialized statement early, NDP person says

On Wednesday successful Winnipeg, Jagmeet Singh told reporters that helium wasn't successful favour of an aboriginal renegotiation of CUSMA.

"There's been nary crushed for it, nary origin for it," helium said. "We should spell to 2026." (That's erstwhile the three-country North American commercialized statement comes up for a mandatory review.)

Singh said Canada should "fight back" to get tariffs removed. That sets the national NDP person isolated from different leaders (premiers Ford and Legault, travel connected down!) who person suggested the champion way retired of this commercialized warfare is, successful fact, an aboriginal renegotiation — ideally with the U.S. alone.

The car manufacture responds

On the taxable of retaliatory tariffs, we're starting to perceive from Canada's automotive industry, which is mostly concentrated successful Windsor, Ont. Earlier today, arsenic Jenna mentioned, the large assembly works tally by Stellantis paused its activities for 2 weeks, affecting astir 3,200 workers.

Now, the CEO of Global Automakers of Canada has made a connection connected the Canadian effect to U.S. car assemblage tariffs, urging the national authorities to instrumentality a fig of steps to soften the blow.

"The Government of Canada indispensable question to unafraid continued escaped commercialized question of vehicles and parts crossed North America done the ongoing implementation" of CUSMA," David Adams said successful the statement.

Adams is besides asking the authorities to intermission a fig of regulations, including electrical conveyance mandates and the luxury taxation connected vehicles implicit $100,000 earlier GST/HST. He besides called connected authorities leaders to consult the car manufacture earlier taking further commercialized enactment and successful immoderate renegotiation of CUSMA.

Eby says helium 'can't fathom' Western separatist mindset

The B.C. premier was besides asked astir ex-Reform person Preston Manning's op-ed arguing that a national Liberal triumph would substance a Western separatist movement.

“To person an op-ed astatine this infinitesimal that the way guardant is to interruption up the state is bizarre," Eby said, noting that helium has ne'er seen Canadian patriotism arsenic precocious arsenic it is now.

"I anticipation that Mr. Manning reconsiders his reintroduction into Canadian beingness with this peculiar proposal," helium said. "I conscionable can't fathom that mindset."