Canada’s primary stock index fell on Thursday, dragged by concerns that U.S. President Donald Trump’s fresh tariff threats could stoke a global trade war.
At 10:03 a.m. ET (1503 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 0.6% at 25,489.09 points.
The technology sector was the worst performer, dragged by a 4.3% drop in Blackberry.
Trump announced plans to unveil fresh tariffs within the next month or sooner, targeting lumber and forest products in addition to previously announced duties on imported cars, semiconductors, and pharmaceuticals.
This announcement is particularly significant for Canada, one of the world’s leading producers and exporters of softwood lumber. A lion’s share of these exports is destined for the United States.
Fears of a global trade war pushed investors towards gold, with prices of the safe-haven metal soaring to unprecedented heights.
“The tariff talk is really the main thing right now. The uncertainty is keeping the market very choppy at best,” Allan Small, senior investment advisor at Allan Small Financial Group with iA Private Wealth.
“Not only will our exporters be hurt because of potential tariffs on lumber, it will also affect the United States quite significantly.”
U.S. data showed weekly jobless claims for the week ended February 15 stood at 219,000, compared with an estimate of 215,000, as per economists polled by Reuters.
Remarks from at least four Federal Reserve officials, including Chicago Fed President Austan Goolsbee are due later in the day.
Sector-wise, healthcare emerged as the top performer, boosted by a 7.4% jump in Bausch Health after it reported its fourth-quarter results and announced 2025 forecasts.
Cenovus Energy lost 5.3% after the Canadian oil and gas giant reported a decline in fourth-quarter profits.
Nutrien gained 3.6% after the top potash producer reported its fourth-quarter results.
Manulife Financial gained 6% after the company saw a 6% increase in quarterly profit.
TFI International slumped 11.6% after the Canadian transportation and logistics service provider reported its fourth-quarter results.
